Canada Buys Trans Mountain Oil Pipeline, To Ensure It Gets Expanded


If the federal government took just $9 billion from its proposed $20-billion bailout for Kinder Morgan, it could fund three partial upgraders in Alberta capable of upgrading 300,000 barrels of bitumen a day. Finance Minister Bill Morneau told media that the next step will be to sell it off to the highest bidder once market conditions allow.

"Trudeau is gambling billions of Canadian taxpayer dollars on an oil project that will never be built", Mike Hudema, a climate and energy Campaigner at Greenpeace Canada, declared in a statement on Tuesday.

The Trans Mountain project is created to increase capacity of the 65-year-old pipeline from Edmonton, Alberta, to Burnaby, B.C., from 300,000 to 890,000 barrels per day.

British Columbia Premier John Horgan said the province would push ahead with a court case to establish its right to restrict increased shipments of crude oil to its coastal waters.

Kinder Morgan then raised $1.75 billion from the 2017 initial public offering of a 30 per cent stake in Kinder Morgan Canada, while the company's 2017 annual report says it had spent a cumulative $930 million on the expansion project, which is expected to add nearly 600,000 barrels per day of capacity.

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"There's $4.5 billion to purchase the assets, then you have construction costs on top of that, indemnity costs", McLeod said.

"When we are faced with an exceptional situation that puts jobs at risk, that puts our global reputation on the line, our government is prepared to take action", Morneau told reporters.

But opposition in British Columbia threaten to further delay the project, which was approved by the federal government in 2016.

The ensuing uncertainty, paired with vociferous opposition from environmental groups and some Indigenous communities in B.C., prompted Kinder Morgan to halt investment until the federal government could inject some certainty into the project. "We'll be listening to potential bidders in the near term to ascertain whether that will provide us with project certainty and a financial deal that's appropriate for Canadians".

"Whether she wins (the election) that's another story, but had this not happened, she was toast", said Bratt, a political scientist at Mount Royal University in Calgary.

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If Carr is suggesting that the country is no longer polarized - and has not become more so as a result of this policy decision - he needs to get out more.

"This changes nothing, in fact, we're going to have to work even harder to continue relaying that message to Justin Trudeau and his government", he told the NOW. "Our court case is against Canada", he said.

In those documents it said it expected to initially be able to pay around 65 Canadian cents a year dividend to holders of its restricted voting shares, and that the assets were well-suited to regular and growing payouts. "They have a form of Crown immunity, which actually limits the degree to which provincial laws would apply to the project".

This is why attacks like this from the Conservative party are so important moving forward. "But, this is an attempt to say, look, this thing has to be built, it's in the national interest for it to be built", de Bever said.

Horgan was adamant that his government should not shoulder any blame for the cost taxpayers may or may not incur. He promised that this project could not go through unless it was done through a vigorous review, which he broke'.

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