Science

Canada’s purchase of Trans Mountain was exceptional -minister

Canada’s purchase of Trans Mountain was exceptional -minister”

The purchase, for 4.5 billion Canadian dollars, ensures that the Trans Mountain pipeline, which carries oil from Alberta to a port in a suburb of Vancouver, British Columbia, will begin a planned expansion this summer. "The federal government has made a choice that was motivated by the decisions of a private company that gave a deadline not to me, not to BC, but to stakeholders".

"It's not the intention of the government of Canada to be a long-term owner of the project", Morneau said, adding that pension funds and indigenous groups have already expressed an interest in buying stakes in the project. BC's opposition had almost killed the project...and still might finish it off despite the gamble by the federal government to nationalize the pipeline system.

Bankers are also working on plans to help Trans Mountain win an elusive social license by selling the project to a consortium of public sector pension plans with solid environmental credentials, including the British Columbia Investment Management Corp.

Over the weekend, an oil spill at a pump station near Barriere, B.C., forced Kinder Morgan to temporarily shut down the existing Trans Mountain pipeline.

"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. "Really the only difference is Kinder Morgan's convinced Canada to pay for the project". "We think that today's announcement is based on extraordinary circumstances", Tim McMillan, CEO of the Canadian Association of Petroleum Producers, said in a press conference Tuesday.

Elizabeth May, the leader of Canada's Green Party, characterized the project as much more than a pipeline.

Allan, a former business executive who has studied the project's poor economics for seven years, suspects that bitumen shippers using the Trans Mountain expansion project will soon ask the government for lower tolls, and thereby increase the burden on taxpayers even more.

While the $4.5 billion Trans Mountain takeover keeps alive a project seen as critical to expanding markets for Canada's crude and improving the price oil-sands producers get paid, it also reveals how key infrastructure projects can be stymied by local opposition and regulatory hurdles.

Johnston says if more First Nations group come out in support of the project, some of the damage could be mitigated. "The only (way) in our estimation that that can be done is through exerting our jurisdiction by purchasing the project".

Medicine Hat-Cardston-Warner MP Glen Motz weighed into the debate over the federal governments plans to buy out the Kinder Morgan pipeline project. "We do not believe that this outcome will instill investor confidence in Canada".

"We disagree on one issue", Horgan said.

Still, the federal government approved the pipeline in November 2016, on the condition that it meet 157 conditions related to its impact on Indigenous communities, environmental impacts and myriad other areas.

"The project is in the national interest and the jobs that will be assured and defended through this project are an integral part of our plan to fight climate change and grow the economy for future generations".



Like this

loading...
loading...

Latest


31 May 2018
Alberto: Tropical storm sees thousands from Florida coast
One to four hurricanes could be "major" with sustained winds of at least 111 miles per hour (178 kph). If that forecast holds, it would make for a near-normal or above-normal season.

31 May 2018
From Elon musk could not buy the domain of "the Ukrainian truth"
Those controls are embedded in the vehicle's touch-screen, which many reviewers have lauded for its sleek design and convenience. Let's see if the EV can get a recommendation from them this time around.

31 May 2018
CIA: North Korea Has No Plans to Denuclearize
Cho delivered the sobering assessment as US and North Korean officials resumed working-level talks aimed at closing that gap. The report also details that Kim may offer "limited American investment in North Korea, particularly in infrastructure".

31 May 2018
Motorola One Power pictured with slim bezels and a notch
The Android One program also features carrier-unlocked phones , so it's possible the Motorola One won't make it to carrier stores. According to a new report from XDA-Developers , Motorola will launch a new 5G Moto Mod alongside of the Moto Z3 Play next week.

31 May 2018
Seven injured as theme park engulfed in flames
Firefighters are scrambling to put out a massive fire after a blaze broke out at Germany's biggest amusement park on Saturday. He added that the Iceland, Portugal, Luxembourg Place and Colonial House sections of the park didn't sustain any damage.

31 May 2018
76ers Investigating Bryan Colangelo, Burner Account Allegations Are 'Serious'
Bryan Colangelo allegedly used fake Twitter accounts to trash players and other National Basketball Association officials. Colangelo acknowledged using one of those accounts, but said he was not involved in the other four accounts.

30 May 2018
Nipah virus: Kerala to send fresh samples of fruit bats for testing
The report received from the NIV has revealed that the case is negative thus giving relief to the worrying health department. Doctors have not yet been able to cure the disease, caution is the only the biggest treatment to cure of this Virus.

30 May 2018
Carlo Cottarelli: Italy president names stop-gap PM
On Monday, Salvini said in a radio interview he would seek parliamentary support from 5-Star to change the electoral law. Later on Italian television he called for impeaching Mattarella.

30 May 2018
Keith Ellison Boycotting NFL Over 'Cowardly & Idiotic' Anthem Policy
Members of Congress found a partisan divide over the NFL's new policy on players kneeling in protest during the National Anthem. If players or personnel on the field do not stand, the league can subject teams to a fine.

30 May 2018
Ambien Maker: Racism Not A Side Effect, Despite What Roseanne Says
Clinton replied to Barr early Tuesday, "Good morning Roseanne - my given middle name is Victoria". It seems Barr took issue with this and couldn't resist responding on the social media site.