Canada purchases Trans Mountain pipeline project for $4.5B
Canada purchases Trans Mountain pipeline project for $4.5B
Canadian Government to Buy Contested Oil Sands Pipeline
31 May, 2018, 07:33
Finance Minister Bill Morneau has proposed sacrificing Canadian taxpayers to bail out an uneconomic US pipeline owned by former Enron executives.
Ottawa said it had to step in on the project, which it deems to be in the national interest, after Kinder Morgan halted construction in April, saying the B.C. government's opposition to the pipeline expansion had created intolerable risk.
Kinder Morgan Canada estimates the pipeline deal is worth about $12 per restricted voting share, after capital gains tax - about three-quarters of its total share price.
Following the news Tuesday morning that the Canadian government has purchased the controversial Kinder Morgan Trans Mountain pipeline for a whopping $4.5 billion, Castanet hit the streets to find out how Okanagan residents feel about it.
"I think the transaction is a win-win. We do not believe that this outcome will instill investor confidence in Canada". While the future ownership structure remains unclear, a spokesperson for Trans Mountain could only say on Wednesday, when asked what federal ownership of the pipeline would mean to the agreement, that the deal remains in force.
They vowed to keep protesting the $4.5-billion Trans Mountain pipeline that carries crude and refined oil from Alberta to the west coast of British Columbia, Canada.
"If they didn't spend it on that, they'd spend it on something else", she said. "I think it's important to Canada and important to our economy".
North American oil prices are marching toward $65 USA a barrel this month, giving the industry a boost after the market collapsed three years ago.
But the note adds that it's unlikely that an acquisition would allow it to offset the benefit from the $7.4-billion expansion of its Trans Mountain pipeline. "Certainly, I'm not seeing a lot go willing buyers out in the market right now". That would no longer be a concern - the federal government could simply choose to carry on without them if it owns the project, according to Austin.
'They criticized the Harper government's pipeline processes, they promised us science-based decision making, democratic processes-but then was happened?
The announcement is only reinvigorating the Justin Trudeau Brigade, a group that has been mostly inactive since the B.C. Supreme Court issued an injunction specifically naming them in March. "That is wrong is so many ways".
"The Canadian government's picking up the tab on it, it seems now, so hopefully our Canadian workers and our Canadian made steel and pipe are still going to be used".
Moe wants to know how the federal government, in partnership with Alberta, owning the project will change the B.C. government's continued opposition to the project.
Twenty-nine kilometres of the pipeline runs through Kamloops.
Alberta Premier Rachel Notley cheered the news on Twitter.
"Water is life. We can't drink gasoline, we can't use it to grow our food, we can't use it to replace all this old-growth forest and all these non-renewable resources that we continue to consume like Pac Men", she told the NOW.
But it's very much who we are.
Meanwhile, British Columbia's provincial government awaits a decision on a reference case with the B.C. Court of Appeal, looking for approval to restrict the flow of oil in the province.
It could look at buying Western Canada natural gas plants now being marketed by Enbridge Inc. with the cash its getting from the sale, he said, while noting Kinder Morgan has also suggested it may distribute cash to shareholders.
The government will also offer federal loan guarantees to ensure construction of the expansion continues through the 2018 season as part of the deal with the company, a unit of Houston-based Kinder Morgan Inc (KMI.N). He promised that this project could not go through unless it was done through a vigorous review, which he broke'.
Financing for this purchase will come from Export Development Canada. A lack of capacity in pipelines or in rail cars to ship oil produced in Alberta is also hurting Canada's energy sector.
At its height, Alberto , the first storm of the 2018 Atlantic hurricane season , blasted sustained winds of 105km/h. Rough conditions were still whipping up big waves off the eastern and northern Gulf Coast by nightfall Monday.
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