BC Wants Its Piece Of Trans Mountain Despite Opposition

BC Wants Its Piece Of Trans Mountain Despite Opposition

BC Wants Its Piece Of Trans Mountain Despite Opposition

Perhaps this is why I have heard an unprecedented level of outrage on the announcement that the Trudeau Liberal government is borrowing $4.5 billion to buy the Kinder Morgan Trans Mountain pipeline this week.

"We are purchasing the assets; we are purchasing the existing assets, and the investment in the twinning of that pipeline, and those assets are what is required for us to move forward with the expansion", he said.

Energy East would have been a job-creation bonanza, expected to create nearly 3,720 jobs during the construction phase and 97 permanent jobs once the pipeline was built.

Energy East, which would have converted a natural gas pipeline to oil and extended it all the way to New Brunswick, was cancelled last fall when TransCanada decided conditions had changed, including new federal regulations and lower oil prices.

The pipeline would see bitumen from Alberta shipped to the Westridge marine terminal in Burnaby, B.C.

Options for the pipeline expansion include the government buying the project and selling it after completion or buying it on an interim basis and selling it to investors for further construction, the Canadian Press reported.

"We're not seeking to make a profit".

"We are looking for new owners and we're working with Kinder Morgan to find a new owner or owners, but we will proceed with that transaction when it's in the best interest of Canadians and when we feel there's an appropriate value", Daniel Lauzon, a spokesman for Finance Minister Bill Morneau, said in a telephone interview.

He said the company will have a "profitable piece of pipe" if it can complete the expansion. That raises the question of whether or not Mr. Trudeau has the stomach for watching Canadians get manacled on his government's behalf, not to mention for telling indigenous communities that the pipeline is going through their land whether they like it or not, or for being attacked for being on the wrong side in the fight against climate change, one of his pet issues.

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"We are furious. I was in shock this morning, I didn't think the government was actually this stupid to buy a pipeline that has 17 court cases against it", said Peter McCartney from the Wilderness Committee.

Once built, the assets will be marketable, agreed Robert Fitzmartyn, an analyst with Calgary-based GMP First Energy Capital, who added the government might well decide to sell to a non-traditional buyer.

This turned out to be the federal government, which approved in back in 2016 and has been supporting it ever since without, however, finding a way to put an end to the opposition. The parties expect to close the transaction in the late in the third quarter or early in the fourth quarter of 2018, subject to KML shareholder and applicable regulatory approvals.

Given the amount of money involved, Stetski said there were a number of other spending priorities the federal government should be focused on.

The Syncrude operation near Fort McMurray, Alta.

"It's important for us - what's good for Alberta ... also works for Newfoundland and Labrador".

He said it sometimes seems the cost of being Canadian is to help patch together troubled megaprojects.

Duane Bratt said it's too soon to say whether Trans Mountain will give Notley a bump in the polls, but no deal by Thursday would clearly have been a killer. "This is an investment in Canada's future". "That would be my criticism".

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