Trans Mountain seeks stricter injunction at terminals in British Columbia

Share

"Our government is determined to defend British Columbia's interests within the rule of law and in the courts", he said.

The results appear to show that British Columbians aren't keen to the idea of Ottawa stepping in, with 57% of respondents saying they did not back the government's earlier proposal to indemnify the $7.4-billion project.

"So I am blowing the whistle on this awful investment and on Prime Minister Justin Trudeau for brokering this bad deal". Because of pipeline bottlenecks and growth in output, the crude oil transported from northern Alberta has been selling at a substantial discount.

"Good jobs and meaningful climate action can, and must, go hand in hand", Alberta Premier Rachel Notley said.

Mr Kean concluded "In addition to the benefit of the sale proceeds, our remaining portfolio of assets represents a strong platform for the company and shareholders now and in the future".

Industry observers say that until jurisdictional and ownership issues are resolved, the Canadian government will have difficulty attracting a serious buyer.

Kinder Morgan Canada will work with the board to seek a third party buyer for the Trans Mountain Pipeline system and TMEP through July 22, 2018.

More news: Khloe Kardashian's BF Tristan Thompson Gets Into a Fight During NBA Finals
More news: Evacuation order lifted; N Carolina dam is safe
More news: Increase public investment to spur economic growth, OECD tells Belgium

During the call, Trudeau reiterated the federal government's jurisdiction over interprovincial pipelines, and noted that the Government of Canada is confident that, with this agreement, it is upholding the trust Canadians have placed in the government to both grow the economy and protect the environment. "I'm concerned there could be catastrophic consequences from a diluted bitumen spill, regardless of the owner of the pipeline", Horgan said.

The Canadian government said it does not intend to be the long-term owner of the system.

The investors who eventually buy the pipeline could include those groups, Doucet said, but he added the price, likely $10 billion to $12 billion after construction is complete, means some of the investors will need deep pockets. In return, the province would receive an equity or other stake in the pipeline, depending on the size of its investment.

Economist Robyn Allen, who has investigated the Kinder Morgan pipeline, suggests that costs could surge to more than $15 billion for taxpayers. As part of the agreement, the Government of Canada has agreed to fund the resumption of TMEP planning and construction work by guaranteeing TMEP's expenditures under a separate Federal Government recourse credit facility until the transaction closes. Given the original Energy East application amounted to almost 40,000 pages, it seems safe to assume it would take some time before a new application could be submitted.

Western Canadian Select is selling at about $40 a barrel, nearly $30 less than a barrel of WTI.

She said it is unlikely that her government will enact legislation passed in May providing the power to throttle back shipments of crude oil, natural gas and refined fuels to British Columbia. Trans Mountain was seen as the one with the best chance of getting public approval because it would largely involve expanding an existing line rather than building a new one from scratch.

Share