Crews cleaning up oil spill at Kinder Morgan station near Kamloops, BC

Crews cleaning up oil spill at Kinder Morgan station near Kamloops, BC”

The spill comes days before a deadline set by Kinder Morgan for its controversial Trans Mountain pipeline expansion project.

According to the agreement, the two parties will work with the board to seek a third party buyer for the system and the expansion through July 22, 2018.

Canada will also offer federal loan guarantees to ensure construction continues through the 2018 season as part of the deal with the company.

The parent company, Kinder Morgan Inc, expects to collect around $1.25 billion after tax from its share of the sale.

The deal includes related pipeline terminal assets.

Kinder Morgan Canada's pipeline business earned $63.6 million before depreciation and amortization in the three months to the end of March, compared to earnings of $53.6 million for its terminal business.

He says Kinder Morgan will proceed with its plan to twin the pipeline this summer while the sale is completed.

Pressed about why the federal government's $4.5-billion price tag was so much lower than Kinder Morgan's stated $7.4-billion project value, Morneau said Ottawa was purchasing all the relevant assets - but he studiously avoided saying whether construction would increase costs.

"It must be built and it will be built", Finance Minister Bill Morneau.

Morneau said the purchase of the pipeline gives the project the federal jurisdiction needed to overcome the provincial opposition of British Columbia, but he did not say how it could force the province to allow the pipeline to be built. "This is yet another step in building an energy future with Canadians where the environment and economy go hand-in-hand", Jim Carr, Canada's Minister of Natural Resources, said.

Morneau called it an "exceptional situation" that's in the national interest and said the government doesn't intend to be a long-term owner of the pipeline.

"For Indigenous groups, we'll make sure that existing profit-sharing or other agreements established with Kinder Morgan remain in effect".

Alberta has also agreed to provide funding for any unexpected costs that arise during construction.

He said Ottawa will indemnify the project against financial losses from any delays thrown up by the B.C. government once a new owner is found.

The expansion stretches between Edmonton and Burnaby, B.C.

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