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Controversial pipeline project in Canada put on hold

11 Abril 2018, 03:09 | Crisanna Felipe

Kinder Morgan Halts Spending on Trans Mountain Pipeline

Trans Mountain pipeline battle not 'too far off' from constitutional crisis: Rachel Notley

"Go to court to settle the dispute".

(NYSE:KMI) swings enthusiastically in regular trading session, it a loss of -0.46% to close at $15.10.Canada's Liberal government is under pressure to push through the extension of Kinder Morgan Canada Ltd's Trans Mountain pipeline from the Alberta oil sands to the Pacific province of British Columbia.

Prime Minister Justin Trudeau said Monday he had "a long conversation" with B.C. Premier John Horgan by phone Sunday night, and said he doesn't think Horgan should be intervening in an area of federal jurisdiction.

Kinder Morgan has given the federal government until May 31 for concrete assurance the line will get built, and Notley has called on Prime Minister Justin Trudeau to take action.

"Our approach is based on protecting B.C.'s economic and environmental interests through all the appropriate regulatory authorities", Heyman said.

Rally for Resources organizer Cheryl Hurtak said the Trans Mountain pipeline is important for Alberta. Our country has the third largest reserves of oil in the world.

The obstacles are being thrown up by the same B.C. government that is backing a $40-billion natural-gas project that also involves a pipeline and tanker port. "If we take that step, we will be a significantly more determined investor than British Columbia has dealt with up to this point", Notley warned. "I believe this is such an instance", he said.

Kinder Morgan, Inc. has a 12-month low of $11.20 and a 12-month high of $23.36.

Trans Canada Corporation's Energy East pipeline created to bring western oil to eastern loading terminals was a $15.7 billion project but was also bitterly opposed by environmentalists. Photo by Dylan S. Waisman. Dozens of people have been arrested in the past month for breaching a court injunction requiring a five-metre no-go zone around the company's operations.

Notley called on Ottawa to be willing to invest as well, tweeting, "It's time the federal government come in and act like the federal government".

Kinder Morgan estimates construction and the first 20 years of expanded operation would generate $46.7 billion in revenue, with $5.7 billion to British Columbia, $19.4 billion to Alberta and $21.6 billion to Canada. Opponents of the project include several environmental groups and the Union of B.C. Indian Chiefs.

The B.C. NDP government, for its part, will now have to stand up to what may be serious economic attacks on it from both Ottawa and Alberta. The case will be ready for filing in court this spring and an announcement is coming "very soon", Heyman said.

One reporter could be heard remarking "Are you kidding?" as the three ministers left the press conference. "And if that comes into question, that may make it more hard to find investors for all sorts of Canadian [projects]". The province was granted intervenor status.

Horgan played down suggestions B.C.is scaring off potential investors for future projects. They also say that, by increasing the volume of oil shipped to the US and Asian markets, the government of Prime Minister Justin Trudeau is ignoring its commitments to cut greenhouse gas emissions.

For now, the company said all non-essential spending on the expansion project has been suspended to protect shareholder interests while consultations are held to provide clarity on the firm's ability to construct through British Columbia.

Kean said his company is considering investments in other pipelines elsewhere, just not in Canada. "We were abundantly clear about our concerns about a lack of federal action to protect our marine environment, and we put that question before the public and they spoke".

"This has now become an issue of if the law prevails in Canada or if angry minorities can prevail".

"That's a huge, huge hit", he said.

Until this week, the federal government seemed to be hoping expected victories from ongoing lawsuits over the pipeline would force Horgan to back off.



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