Saturday, 23 June, 2018

Trudeau government to buy troubled Trans Mountain pipeline for $4.5 billion

Canada to buy Kinder's Trans Mountain pipeline for $3.5 billion Gasbuddy not surprised by Ottawa’s decision to buy TransMountain Pipeline
Sandra Phillips | 29 May, 2018, 19:31

The Trans Mountain project has "more certainty than ever before", Rachel Notley tweeted after the federal government announced it will buy the pipeline and all of Kinder Morgan's core Canadian assets for $4.5 billion.

"The parties have also agreed to work together to find a buyer for the pipeline and the project between now and July 22", said Kinder Morgan CEO Steve Kean in a conference call Tuesday. "This is yet another step in building an energy future with Canadians where the environment and economy go hand-in-hand", Jim Carr, Canada's Minister of Natural Resources, said.

Finance Minister Bill Morneau said that buying the existing pipeline and its planned expansion project, which will carry crude oil from landlocked Alberta to a port in the Vancouver area, is the only way to ensure the halted project gets built.

Morneau called it an "exceptional situation" that's in the national interest and said the government doesn't intend to be a long-term owner of the pipeline.

But many indigenous people see the 620 miles (1,000 kilometers) of new pipeline as a threat to their lands, echoing concerns raised by Native Americans about the Keystone XL project in the U.S. Many in Canada say it also raises broader environmental concerns by enabling increased development of the carbon-heavy oil sands.

Southampton: Targett and Fulham gain Premier League promotion
So with Villa staying in the Championship for at least one more season, Terry will be saved the added hate for now. They are, and Jokanovic could feel welcome to all the emphatic language he liked. "We know what is ahead of us".

LeBron James leads Cavaliers back to NBA final
On Monday morning, Warriors coach Steve Kerr said Iguodala was having a hard time being sidelined deep into the playoffs. Golden State will host the Cleveland Cavaliers in the 2018 NBA Finals with Game 1 set for Thursday night at 9:00 p.m.

Golden Knights outlast Caps 6-4 in Final opener
Brett Connolly and Nicklas Backstrom found the back of the net 42 seconds apart in the second half of the first period. The two teams combined for 62 shots on goal, and the third period alone featured four goals.

There has been intense opposition towards the project from environmental groups and some Indigenous communities in B.C.

Kean did not say why he chose to sell rather than absorb the risk of further delays to Trans Mountain.

"To investors considering Canada as a place to build big, important, transformative projects like the Trans Mountain expansion, we want you to know that you have a partner in Ottawa", Morneau said.

The government was immediately slammed from all sides for its stunning move. "Worst of all, the cost and risk of a $7 billion project that was going to be willingly financed entirely by a private company will now be unnecessarily transferred onto the backs of Canadian taxpayers".

Several First Nations have alleged in court that Trudeau's approval of the project was not legal since the government failed in its constitutional duty to consult them. "We've agreed to a fair price for our shareholders and we've found a way forward for this national interest project".

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