Canada willing to cover some of KM's pipeline losses

18 May, 2018, 13:29 | Author: Wade Massey
  • The Canadian Press                       Alberta Premier Rachel Notley and federal NDP Leader Jagmeet Singh are shown in a composite

The federal government said Wednesday it is prepared to financially support expansion of the Trans Mountain pipeline, regardless of whether Kinder Morgan decides to build it.

Morneau said the federal government has a "clear role" to play in the pipeline dispute.

The town is reporting that more than 7,000 stray cats call Cornwall home. Kinder Morgan still needs clarity on proceeding, he said.

That sounds like Kinder Morgan is bailing on a fully approved, fully paid for pipeline that we are now offering big incentives and securities for others to buy into because another is walking away.

OTTAWA-The Texas-based oil firm threatening to kill its planned expansion of an Alberta-B.C. pipeline reacted coolly to Ottawa's offer Wednesday to compensate the company for any financial losses due to political opposition of the B.C. government.

He said if Kinder Morgan made a decision to walk away from the project, the indemnification would stay in place in case another company took over, Reuters reported.

The Quebec government, for one, has signaled its support for its bid to have the courts affirm that the constitutional authority of the federal government to pursue infrastructure projects that it deems in the national interest provincial does not nullify the provincial right to legislate to protect the environment. Premier John Horgan has proposed measures that would threaten the Trans Mountain expansion.

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"It seems like not even Kinder Morgan wants to move forward with this destructive project", Greenpeace Canada climate and energy campaigner Mike Hudema said in a statement. Sources have indicated Ottawa is looking at loan guarantees, a bailout or taking a stake in the pipeline project.

Prime Minister Justin Trudeau, speaking to reporters in NY on Thursday, said he's confident the economics of the Trans Mountain expansion are solid because it will help Canadians fetch higher prices for oil exports "The discount Canadian oil producers [must accept] because we only have a single market to which we sell 99 per cent of our oil exports - the United States - means we're losing about $15-billion a year".

"I'm defending the interests of British Columbia", he said.

Moe says without better market access Saskatchewan may not be able to continue contributing to equalization. Last week, Mr. Morneau flew to Houston for a face-to-face meeting with Kinder Morgan Inc. Goodman Financial Corp acquired a new position in Kinder Morgan during the 4th quarter worth approximately $126,000. Stifel Nicolaus dropped their price target on Kinder Morgan from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Monday, April 30th.

The pressure is being turned up in the standoff that has Alberta and B.C. premiers, the federal government, and some First Nations groups in B.C. fight over oil.

A bill allowing Alberta to choke off the supply of fossil fuels to British Columbia will be challenged in the courts by next week, B.C. Attorney-General David Eby said Thursday.

Entitled "Preserving Canada's Economic Prosperity Act" and officially known as Bill 12, the government said the objective of the bill is meant to give the province the power it needs to to restrict the export of crude oil, natural gas and refined fuels into BC.



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