In visits to Fort McMurray following Tuesday’s announcement that a Crown corporation would take over the Trans Mountain pipeline expansion from Kinder Morgan, representatives from the Alberta and federal government assured residents the plan will be a success.
This shouldn’t come as too big of a surprise for those following the news since the Trudeau government pledge the pipeline would happen with or without Kinder Morgan.
In a less-than-optimistic sign, Finance Minister Bill Morneau said that the government does not want to own the pipeline for a long period of time, but he conceded that it could remain the owner for the “medium term”. “It will be built”. Finally, Scotiabank reaffirmed an outperform rating and set a C$23.00 target price on shares of Kinder Morgan Canada in a research report on Monday, April 16th. Canada has the world’s third largest oil reserves but 99% of its exports now go to refiners in the USA, where limits on pipeline and refinery capacity mean Canadian oil sells at a discount.
NORTH ISLAND, B.C- Member of Parliament Rachel Blaney thinks that Canada buying the Kinder Morgan Trans Mountain pipeline leaves a lot of questions unanswered.
Now she says there is a third reason.
“The failure to get… our product to Canadian tidewater has been estimated to cost the Canadian economy around $14 billion per year”, she said.
The club notes the future of this pipeline and tankers project is not exclusively up to the federal government: the rights of First Nations have been recognized by the Canadian courts, the Canadian constitution and the United Nations.
Kinder Morgan Canada Limited owns and operates pipeline systems and terminal facilities in Canada. Investors such as Indigenous groups and pension funds have already expressed interest, he said.
Lawyers for Kinder Morgan asked the judge to broaden its March 15 injunction against protesters during a hearing on Friday.
Kinder Morgan’s Trans Mountain Expansion mapped out.
British Columbians appear to oppose the federal government’s purchase of the Trans Mountain pipeline but believe it will now be built, according to a new study by Insights West. They hope to find a new buyer by August.
Still, there wasn’t much of an increase of protesters in Burnaby on Saturday.
There may also be positives from Ottawa taking over the project, including that the government may be more focused and sensitive than a private company to take into consideration the views of stakeholders, including of First Nations, said Speers, who teaches courses on public-sector management.
Similar demonstrations are planned across the country Monday.