N.L. premier pleased Ottawa buying Kinder Morgan pipeline
31 May, 2018, 19:33 | Author: Tara Reeves
The purchase includes the pipeline, pumping stations, and rights of way along the route. Ottawa would provide a federal loan guarantee to the company in the meantime.
After Morneau went public with the option to cover cost overruns May 17, Kinder Morgan CEO Steve Kean said the company and the government were not yet "in alignment" and the negotiations would not take place in public. He calls the move a "devastating blow" to energy investment in Canada.
The deal is expected to close by mid-November.
The federal Liberals have made a decision to buy the pipeline and all of Kinder Morgan Canada's core assets, but don't plan to be long-term owners.
Energy East would have been a job-creation bonanza, expected to create nearly 3,720 jobs during the construction phase and 97 permanent jobs once the pipeline was built.
Morneau clarified that the government does not intend to be the long-term owner and therefore would negotiate with investors - who would be aboriginal groups or owners of pension funds - to sell them the pipeline, whose expansion was estimated would mean an outlay of about 7.4 billion dollars. While the government's takeover of the project has reassured its backers that it will be built, with construction starting in August, it also raises the stakes for Ottawa. "The lack of leadership on this issue is now fully evident".
"Only Liberals would dump $4.5 billion on a 65-year-old pipeline and call that an energy strategy".
Finance minister Bill Morneau said nationalisation of the pipeline was the only way to ensure that a planned expansion could go ahead.
"I'm concerned that there could be catastrophic consequences of a diluted bitumen spell, regardless of the owner of the pipeline", Horgan said in a press conference Tuesday morning.
"I said to the prime minister that ownership of the project doesn't change my concerns", Horgan told CBC Radio.
Ross said Tuesday that she harbours doubts about the pipeline's economic viability, and anxious that the federal government would be on the hook for huge cleanup costs in case of a major spill. "The government responded and that's their business". This decision stands to be the defining moment of his time as prime minister.
The province's opposition led Kinder Morgan to suspend nonessential spending on Trans Mountain last month.
Make no mistake: Justin Trudeau has bet the farm, or at least the fate of his government, on making sure the Trans Mountain pipeline from Alberta to the coast of British Columbia gets built.
Canada has announced it will purchase the Trans Mountain pipeline from developer Kinder Morgan to ensure it is completed. The provincial government will continue to "defend British Columbia's interests within the rule of law", he said.
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