Canada to Buy Kinder Morgan Pipeline for $3.5 Billion

Pipes are seen at the pipe yard at the Transmountain facility in Kamloops B.C. Monday

While there are many Canadians with mixed emotions about the federal government's $4.5-billion rescue purchase of the Trans Mountain pipeline, spare a thought for two particular groups: the hardcore protesters who spent hours making giant "Stop Kinder Morgan" signs, and the pro-pipeline Albertans convinced that Prime Minister Justin Trudeau secretly wanted to join haughty Quebeckers and hippies from Vancouver in screwing over the oil sands.

Once the sale is complete later this summer, Canada will continue construction on its own.

Kinder Morgan investors must still approve the sale, which is scheduled to close in August, but the deal will allow construction to resume immediately, the minister added.

"This is a great day for Canada, for our customers, for our employees", Kinder Morgan Canada CEO Steve Kean said on a morning conference call.

McMillan said if a pipeline that meets a high regulatory standard, has all the approvals, support from a majority of Canadians and the backing of the federal government can not get built, it sends a chilling signal that Canada is not open for business.

"Trudeau just dropped $4.5 billion of your money on a 65 year old pipeline that leaks".

"It creates effectively a toll, a user-pay, to be paid by the oil companies".

"Some felt this was in the bag, and that it would be not built after all, but sadly for them it has been made clear this thing is going to be built", Crey said.

"This is a project that will not have a fiscal impact". The purchase will see Canada buy the existing pipeline, the Westridge marine terminal in Burnaby, B.C., as well as pumping stations and rights of way along the routes.

Canada is buying a pipeline expansion project rather than risk it being derailed by protests and delays.

"One who not only respects the rule of law, but who understands the challenges you are up against and will work with you to find solutions that work for everyone".

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In a tweet, Premier Rachel Notley called the announcement "a major step forward for all Canadians". "At this point, we don't think that's necessary", she said Tuesday.

Elizabeth May, the leader of Canada's Green Party, characterized the project as much more than a pipeline.

"Tens of thousands of B.C.jobs depend on pristine coastal and inland waters", said Horgan.

St. Louis-based Edward Jones senior analyst Jen Rowland said while the deal is a "slight positive" as it helps reduce balance sheet leverage and removes this significant project execution overhang, "the bad news is KMI's growth outlook is muted without" the Trans Mountain expansion project.

Kinder Morgan Canada, the unit that raised C$1.75 billion (US$1.3 billion) for the project in an initial public offering a year ago, declined to comment on the speculation.

"Now we're committed to building the expansion, but they have not announced at all how they are going to finance the expansion", said May.

AIMCo, as the Alberta fund is known, is supportive of measures to boost investor confidence and address market uncertainty, Denes Nemeth, a spokesman for the fund, said in an email, while declining to comment on whether AIMCo would be interested in investing in the project.

Because once he was elected in 2015, he was confronted by the fact our economy is losing $15 billion annually having to sell nearly all of our oil to the U.S.at a huge discount, since we have no way to get it to global markets.

Ottawa is pressing ahead, firmly of the opinion there is no doubt about its jurisdiction.

He said the failure of the proposed Northern Gateway pipeline to the West Coast and Energy East pipeline project to the East Coast means Canada remains highly dependent on the US market for exports.

Canada approved the project in November 2016, following an expanded environmental review process that included additional consultations with Indigenous communities and assessing the amount of additional emissions likely to result from additional production. And the anti-Trudeau Albertans must face the fact that Trudeau is willing to take a massive financial and political stake in a bitumen pipeline's success, and bringing along with it tax dollars of every Quebecker, British Columbian and all the rest of us. OMERS' infrastructure arm is invested in several pipeline assets, including the Czech Republic's NET4GAS sro, CLH Pipeline System in the United Kingdom and Spain, as well as the U.K.'s Scotia Gas Networks.

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