The federal government announced on Tuesday that it will be spending $4.5 billion to buy the Trans Mountain pipeline from Kinder Morgan.
Kinder Morgan Canada stock fell again Wednesday, continuing the post-deal trend that saw it close almost three per cent lower at $16.10 on Tuesday. "It must be built and it will be built", said Finance Minister Bill Morneau in a televised statement.
Singh said there is a long tradition of non-violent civil disobedience in Canada and he will not condemn people who use protests to express their frustration and anger.
Kinder Morgan's future is cloudy and it will be left cash-rich but prospect-poor from the deal to sell its existing 300,000-barrel-per-day pipeline and the delayed 590,000-bpd expansion project for $4.5 billion, analysts at CIBC said in a report. The purchase includes the pipeline, pumping stations, and rights of way along the route.
Speculation about what Ottawa would do to save the embattled project and protect its corporate progenitor has been rampant for weeks, especially as it became increasingly clear that Kinder Morgan wanted out. "There are a lot of political risks for the federal Liberals", she said.
Kean said the Canadian government would help search for an alternative buyer. The three groups, as well as Burnaby Residents Opposing Kinder Morgan Expansion, have been regularly demonstrating in different ways at Trans Mountain's two Burnaby facilities over the last few months.
Morneau couldn't say what additional costs, if any, would be incurred by Canadians in building the pipeline. You can say what you want about B.C. being out of line, but they do have the right to go to court as do other interveners and we can't tell judges they have to speed up their decision-making. If completed, it would almost triple the pipeline's capacity to transport crude and refined oil from Alberta to B.C.
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"If you look at the major energy projects that we've had in this country over many years, they've all involved government investment at some point or another".
In the wake of the federal government's decision to buy the Trans Mountain pipeline from Kinder Morgan, industry analysts and climate groups agree on at least one thing: The political battle over the expansion of the contentious pipeline is not over.
The provincial government will continue to "defend British Columbia's interests within the rule of law", he said.
While the $3.5 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. Construction costs of the pipeline are estimated to be at $7.4-billion-funds that the liberals may have to scrap together from taxpayer dollars.
Ottawa has the constitutional authority to build interprovincial projects like pipelines, but Premier John Horgan has gone to court to get a judge to weigh in on whether B.C.'s jurisdiction for the environment would allow him to regulate what flows through the pipeline.
Canada approved the project in November 2016, following an expanded environmental review process that included additional consultations with Indigenous communities and assessing the amount of additional emissions likely to result from additional production. The oil continues to be shipped here by rail bed.
The Desjardins analysts suggested that, even if the pipeline were to be built, it would not provide enough capacity for Canadian oil exports going forward.