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".

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