Federal government spending $4.5B to buy Trans Mountain pipeline, BC terminal

Kinder Morgan reported the spill at its Darfield station around 5 a.m

"The project has always been in the national interest".

"It's very possible we might not have to spend a cent of it", Notley said of the financial backing, which would be payable only when oil begins to flow from the twinned pipeline. "For Kinder this allows them to ameliorate some of the risk that they are carrying that the market doesn't like".

The news came days ahead of a May 31 deadline set by Kinder Morgan Canada - the company stopped investor spending and suspended non-essential activities related to the project in an announcement on April 8. The deal includes the existing pipeline that's been in operation since 1953.

The deal is expected to be finalized in late August or early September.

Later on Tuesday, many criticised the government's move, saying it raised broader environmental concerns by enabling increased development of the carbon-heavy oil sands, as well as burdened Canadian taxpayers for a project that should be paid by the private sector.

The government's plan has several stages. He said there have been expressions of interest from "multiple investors" in buying the project, and that the federal government has no intention of being the long-term owner. In the event of a resale, the government would then "indemnify" the new owner or owners against certain costs or delays.

As such, Horgan said his government's reference case remains, and "I said as much to the Prime Minister this morning, and there was no comment from him on that".

Buying the pipeline outright became increasingly likely after Trudeau first pledged only to backstop it.

"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.

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Political opposition is already building.

"We are pleased to reach agreement on a transaction that benefits the people of Canada, TMEP shippers and KML shareholders", said Steve Kean, Kinder Morgan chairman and CEO.

"Despite tens of thousands of people opposing it, he just used taxpayer money to bailout a project that communities don't want, that would break his own climate commitments, and that Indigenous peoples are fighting from the frontlines to the courtrooms", Thomas-Muller added. Alberta "will receive value commensurate to their contribution, through equity or profit sharing" in return, according to the government statement. "Those don't go away and the 157 conditions that Kinder Morgan still hasn't met, well that means the government of Canada hasn't met them either".

"Canadian equities have been beat down relative to their USA peers and certainty around takeaway capacity will be helpful in getting fair value for Canadian crude oil as well as Canadian companies", Forrest said.

"This is an investment in Canada's future", he said. But the lack of transparency on the sticker price will make it harder to sell to Canadians dubious about any government getting involved in a business it knows nothing about - far less a government so recently accused of systemic "incomprehensible failures".

Kinder Canada Chief Executive Officer Steven Kean said on a conference call Tuesday that the company hasn't decided on what it will do with the proceeds, which will amount to about C$12 a share after taxes.

She says now that the feds are buying the pipeline, "they have a form of Crown immunity, which actually limits the degree to which provincial laws would apply to the project because it's a federal project now".

But British Columbia's social democratic government recently joined environmental activists' fight against the pipeline, provoking a trade row with Alberta and leading Kinder Morgan to temporarily halt its construction until the dispute was resolved.

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