Five Things: the next steps for getting the Trans Mountain project done


Image Credit CFJC Today

Kinder Morgan, the company behind the pipeline, suspended non-essential spending on the project in April.

"We need to deal with the political uncertainty", he said.

According to Hudema, the movement opposing the project " will not back down" following the government's purchase. If no new buyer is reached by July 22, Kinder Morgan will present the $4.5 billion offer from Canada to its shareholders for a vote before the end of July.

Kinder Morgan, which could no longer afford the $7.4-billion project, took advantage of a bitumen republic that foolishly proclaimed an unneeded pipeline a matter of "national interest" without so much as a risk analysis or simple cost benefit report.

Pending their approval, the sale would be finalized sometime in August or September. "He had an opportunity to walk away from pipeline politics and get on with the real work of leading Canada, and the world, in a 100 per cent renewable energy revolution, but instead he's opted to ignore science, Indigenous rights and the voices of people across Canada and bailed out a unsafe, unwanted pipeline with public money". "Canada will work with investors to transfer the project, and related assets, to a new owner or owners in a way that ensures that the project's construction and operation will proceed in a manner that protects the public interest", he said.

Once the sale to the feds is complete, Canada will continue the construction on its own, with a view to eventually selling the whole thing down the road, once market conditions would allow it to get the best price.

Morneau couldn't say what additional costs, if any, would be incurred by Canadians in building the pipeline. Existing statutes stipulate one level of government can not interfere with the work of another - a situation one official called a "conversation changer" that might convince Horgan to back down.

Morneau stressed repeatedly the pipeline is commercially viable and profitable. Steven J. Kean, the president of Kinder Morgan, called it a "great day for Canada, for our customers and for our employees". While details are murky, the province would cover up to $2 billion more in pipeline construction costs should they escalate beyond a unspecified federal comfort level.

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"We have to ask ourselves what kind of priorities these Liberals actually have", Cullens said.

"They were asking for certainty and a pathway to get the get the project built", he said.

"The federal government have overpaid for an aging asset that has huge integrity problems".

Horgan said he learned of the decision early Tuesday morning when Prime Minister Justin Trudeau called him minutes before the announcement in Ottawa.

Until now, Trudeau's government has used a soft tone to try to convince British Columbia to abandon its opposition to the pipeline, hoping not to alienate voters in the province before next year's general election.

Alberta Premier Rachel Notley, who's been locked in an escalating battle with Horgan over his opposition and has passed a bill threatening to cut off oil and gas shipments to British Columbia, struck a triumphant tone at a press conference in Edmonton. "They are getting a very good value", said Paul Bloom at Bloom Investments Counsel Inc, which owns about 300,000 shares in Kinder Morgan. "That certainty is absolutely critical". On the heels of Trudeau's announcement, the Vancouver-based Indigenous rights group Coast Protectors scheduled a rally for Tuesday evening to "say no to Trudeau's pipeline buy out".

Conservative Leader Andrew Scheer said the decision leaves taxpayers on the hook for Trudeau's "failure" to manage the energy file.

When Canadian taxpayers appreciate the scale of the federal abuse of trust here as well as the government's blatant corporate welfare for a Texas pipeline company, there will be hell to pay from coast to coast.

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