Trans Mountain court action continues, John Horgan says

Trans Mountain court action continues, John Horgan says

Bill Morneau, finance minister, announced on Tuesday the government will pay Kinder Morgan 4.5 billion Canadian dollars (US$3.5bn) for the Trans Mountain pipeline.

Alberta's tarry bitumen, which will always sell at a discount due to its poor quality, can't move through a pipeline without being diluted with costly imported light oils or fracked natural gas liquids from B.C. or the United States.

In 2016, the B.C. provincial government said that it did not support the pipeline because Kinder Morgan did not provide a plans for oil spill prevention and clean up efforts.

The announcement was made by Canada's finance minister, Bill Morneau, who called the proposed purchase "an investment in Canada's future".

Moe wants to know how the federal government, in partnership with Alberta, owning the project will change the B.C. government's continued opposition to the project.

In the end, Trudeau & company chose to proceed with all three options.

Nationalizing a major infrastructure project from Canada's private sector is certainly not how the process is supposed to work, but little about the Trans Mountain expansion has gone the way it ought to according to either rule of law or convention. The company stopped all non-essential spending on the pipeline expansion in April.

"This allows us to get rid of the political risk around [the pipeline] because we [are imposing] federal jurisdiction over the project", he said. But the math isn't complicated. "Kinder Morgan has gotten rid of its assets, they are free and clear".

The fact the federal government needed to buy Trans Mountain to ensure the project goes ahead does not bode well for the industry, said Chris Bloomer, CEO of the Canadian Energy Pipeline Association. He also promised new owners would be indemnified against the costs of legal delays in the courts.

But the story gets worse for Canadian taxpayers.

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Every time Canada ships 400,000 barrels of raw bitumen overseas, it exports approximately 19,000 refining and upgrading jobs - every year - to other nations.

Morneau pointed out that once the pipeline was built, the owners would receive user fees in the form of tolls from the oil companies transporting their product on TMX. Notley said construction is to resume on the line within weeks.

"It's the kind of epic disaster of the last century I couldn't imagine a modern government doing, but that's exactly what we are doing", May said.

The pipeline purchase is expected to close in August. "This is an opportunity for our young families to get training and jobs, to build homes and careers", said Chief Ernie Crey of the Cheam First Nation. "We invested in General Motors".

"It does change it from a federally approved project to a federally undertaken project".

As for GM, Ottawa and Ontario bailed out the Canadian auto industry in the great recession of 2008-09.

Then you have $2.1 billion in financial assurance that the government will have to put up for land-based spills.

Notley says there is more certainty around the project than there has ever been and she doesn't plan to use her province's legislation to regulate the flow of oil exports for now.

The fair value of the remaining assets - plus the $12-per-share after tax proceeds of the sale - is $18 per share, which reflects how sizeable the Trans Mountain system was as a portion of Kinder Morgan Canada's business, Kwan said.

Morneau says the federal government does not plan to be a long-term owner and is in negotiations with interested investors, including Indigenous communities, pension funds and the Alberta government.

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