Abril 24, 2018

Kinder Morgan stops work on controversial Canada pipeline

11 Abril 2018, 06:35 | Crisanna Felipe

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Inability to boost pipeline capacity is one reason global investors have shied away from Canadian stocks, he said.

Kinder Morgan Canada's stock dropped 10% at the opening of stock markets Monday morning.

"Alberta is prepared to do whatever it takes to get this pipeline built, including taking a public position in the pipeline".

Ottawa's lack of action to stop B.C. from acting in a way that's harmful to Canada's investment climate means that responsibility has fallen to Alberta and an American corporation.

"We will be bringing forward legislation giving our gov't the powers it needs to impose serious economic consequences on British Columbia if its government continues on its present course".

Cosmo Oil said earlier it sees Canadian crudes as not only helping diversify its supply sources, but also in line with the Japanese government's new regulatory directive to process more residues from heavy crude oil.

"What happens here is going to reverberate into the future as far as how we do things in this country".

British Columbia's intention in that regard has been neither validated nor quashed, and the Province has continued to threaten unspecified additional actions to prevent project success, it said.

The company has said it will try to get agreements in order for the project to proceed and has set a deadline of May 31, adding that without agreement it "would hard to conceive of any scenario in which we would proceed with the project", according to a statement by CEO Steve kean. "There's the view of the government of Alberta, there's the view of the federal government and then there's the view of the shareholders in Texas". There have been extensive protests at the construction site.

Opposition has escalated beyond appeals to the courts, which have to date upheld the project's approvals by the National Energy Board (NEB) and the federal cabinet. The announcement prompted responses from the federal and Alberta governments, pushing B.C. Premier John Hogan to abandon his promise to stop the pipeline expansion. Legally, the project faces court challenges from various opponents and proposed provincial restrictions on bitumen shipments, neither of which are finalized.

While the company stopped short of saying it is canceling the project, many predicted this is its death knell.

"That matter will be taken up in an unspecified court in a proceeding that still, two months on, has not been initiated", Kean said.

Prime Minister Justin Trudeau, when asked by reporters on Monday in Montreal, reiterated that the pipeline would be built.

Ottawa says British Columbia does not have the right to block the pipeline.

The Canadian subsidiary of Kinder Morgan Inc.

You'll forgive the B.C. government if it's somewhat baffled as to what it did to set off the constitutional crisis it's being accused of igniting.

"The bigger question is, 'What's next?' A provincial government can take action to frustrate a project, even though its jurisdiction is limited in this context".

"This seven-week deadline will concentrate the will of the country to get this critical project completed", said Stewart Muir of Resource Works Society, a nonprofit funded by the Business Council of British Columbia. "In keeping with that commitment, we have determined that in the current environment, we will not put KML shareholders at risk on the remaining project spend", Steve Kean, the company's chairman and chief executive officer, said in a statement.

Notley spoke Sunday to the prime minister, who she said reiterated his support for the federally approved project. "That problem is real", Natural Resources Minister Jim Carr said Monday in an interview at his Ottawa office. "There is a lot at stake here beyond this one project, including Canada's reputation as a reasonable place to do business". They need our NDP to eliminate its carbon tax, roll back the environmental regulations they have introduced and restore the Alberta Advantage. President Chris Gardner said in a statement, "This decision will send a simple chilling message to businesses looking to start or expand major projects here - stay away from B.C. because you can not rely on the government to honour its commitments or follow the law".

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