Analysts at CIBC have cut their target share price for Kinder Morgan Canada Ltd. and say its future is cloudy in the wake of its deal to sell its biggest current and growth asset - the Trans Mountain pipeline system - to the federal government.
For its part, the Trudeau government greenlighted Trans Mountain in November 2016 and has long insisted the project is in the national interest because Canada loses $15 billion every year as a result of now limited access to export markets outside the U.S.
Kinder Morgan's May 31 deadline to decide if it has enough certainty to proceed is now just 72 hours away and while Trudeau says financial discussions continue, he also says there is nothing yet to say publicly.
The majority of British Columbians likely aren't pleased with Ottawa's plans to put tax dollars to work on the Trans Mountain pipeline expansion, according to a new poll from Research Co.
The government is also lobbying hard in the United States this week since President Donald Trump only exempted Canada and Mexico from steel import tariffs until Friday.
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. They claim it is of vital interest to the country and must be built That vital interest is sending a message out to the world that Canada is open for business, energy business and will do whatever it has to, to ensure projects get built. Prime Minister Justin Trudeau's, (who's family is no stranger to pipelines), government will buy the pipeline for $4.5 billion.
Instead, an energy company which has followed the rules in good faith, spent almost a billion dollars in development and undergone exhaustive vetting to win regulatory approval has been impeded at every turn by opponents, including the government of British Columbia and the cities of Burnaby and Vancouver with what amount to nuisance court actions, given how Kinder Morgan has so far won 16 of these legal challenges in a row. It does not intend to own the project for long.
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"We disagree on one issue", Horgan said.
Steel pipe to be used in the oil pipeline construction of Kinder Morgan Canada's Trans Mountain Expansion Project sit on rail cars at a stockpile site in Kamloops, British Columbia, Canada May 29, 2018.
Carr said "conversations will happen relatively" soon toward a resale.
The move drew immediate criticism from both sides of the political spectrum, and could hurt Trudeau's popularity in the key British Columbia battleground in a 2019 federal election.
They said the news is otherwise positive for the oil and gas sector, though it will have no effect on tight pipeline takeaway capacity until at least 2021.
Given the amount of money involved, Stetski said there were a number of other spending priorities the federal government should be focused on.
"Ultimately it will take far more than this to restore investors' faith in Canada's project approval process".