B.C. judge expands pipeline injunction as protesters use 'calculated' defiance

Katie Ramirez
June 5, 2018

Trans Mountain runs from Alberta to British Columbia and the proposed expansion would be a twin line that would triple the system's carrying capacity to 890,000 bpd. "It will be built". CIBC cut their price objective on shares of Kinder Morgan Canada from C$22.00 to C$17.00 in a research report on Wednesday.

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

In a desperate bid to keep its last remaining proposed oil pipeline alive, Canada has made a decision to buy Kinder Morgan's Trans Mountain Pipeline system for an estimated C$4.5 billion ($3.5 billion).

Natural Resources Minister Jim Carr, openly concerned about the loss of investment in Canadas resource sector, said the deal will “advance Canada as an energy leader, as a place where good projects get built.”.

Federal government investments in major energy projects include the Syncrude oilsands mine in Alberta and the Hibernia oilfield offshore Newfoundland and Labrador, said David Finch, a Calgary-based oil and gas industry historian and author.

The proposed expansion of the Trans Mountain pipeline, from Canada's oil-rich Alberta province to the west coast, would almost triple its capacity to 890,000 barrels per day and significantly increase crude tanker traffic off the west coast.

Environmental groups and indigenous communities have long fought against any expansion of the pipeline, which they say contradicts the country's climate commitments.

It's not yet clear whether the change of ownership will have an impact on who works on the pipeline, and what their working conditions will be.

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Kinder Morgan's plans indicated it would hire or contract thousands of construction workers across Alberta and B.C.to expand the pipeline.

In response to questions from StarMetro, a statement from the federal finance department said the project would continue to be managed day-to-day by the people already working on the pipeline.

The government will not publicly discuss construction cost for the expansion because it wants private companies to carry out their own assessments, then bid on the project, an unnamed official told the Toronto Globe and Mail.

Anti-pipeline protesters marched on Kinder Morgan's Burnaby Mountain terminal this morning.

By way of asserting its resolve to keep the project moving ahead, the government said it would provide funding for the 2018 construction season through loan guarantees.

Still, there wasn't much of an increase of protesters in Burnaby on Saturday.

Experts were also quick to add it's unlikely Ottawa will succeed if it tries to sell the Trans Mountain assets it is buying from Kinder Morgan Canada Ltd. while the contentious expansion has yet to begin pumping oil. The Prime Minister responded with a quote from Notley that the government met the deadline set by Kinder Morgan and "this project has more certainly than ever".

Canadian commentators have emphasised the political risks Trudeau and his Liberal Party are taking by nationalising and expanding the pipeline, particularly in British Columbia.

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