Trans Mountain pipeline: Notley praises $4.5 billion purchase plan

​Senate passes bill calling for Ottawa to back Trans Mountain | Regulatory

"We do not believe that this outcome will instil investor confidence in Canada", Canadian Energy Pipeline Association president and CEO Chris Bloomer said in a release, in which he added that he was pleased the project would be built.

"Any purchaser of the project would be covered by a federal indemnity protecting them against any financial loss posed by politically motivated unnecessary delays, in line with the indemnity offered to Kinder Morgan by the government on May 16, 2018", said the finance department. We met the deadline.

Alberta is putting up to $2 billion towards construction of the project, and work is underway to get construction going, Premier Rachel Notley said Tuesday.

"We are purchasing the assets; we are purchasing the existing assets, and the investment in the twinning of that pipeline, and those assets are what is required for us to move forward with the expansion", he said.

"It does not change the course that the Government of British Columbia has been on", Horgan said. "The project has always been in the national interest".

Horgan repeatedly insisted his government has simply been trying to find the best option for British Columbians and protect the coastline.

May added she's not sure if tolls paid on a federal-owned pipeline by oil companies will ever make the concept economically viable for the government.

Provinces have jurisdiction over the environment, but the Constitution gives Canada the authority over interprovincial transportation, including pipelines.

Horgan said his province will continue to seek a legal remedy to stop the expansion. "We haven't been provocative", Horgan said.

Horgan encouraged British Columbians opposed to the pipeline to express their disappointment, but to do so within the rule of law. It is also confident it will prevail in a Federal Court challenge by some Indigenous communities over its approval of the pipeline, a ruling on which is due any day.

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Trans Mountain owner Kinder Morgan Canada Ltd.'s shares lurched higher, then fell, as investors digested the fallout from the federal government purchase deal announced early Tuesday.

Morneau presented the options during an early-morning cabinet meeting Tuesday before ministers signed off on the chosen option, which comes just days before the company's self-imposed May 31 deadline and is still subject to the approval of Kinder Morgan shareholders.

Morneau said the government's purchase of the project "will ensure that we're able to safely get Canadian oil resources to world markets where we can get a fair price for them".

Access to new oil markets was also key to Canada meeting its Paris climate target because Alberta - the nation's singled largest pollution emitter - agreed to take action against carbon emissions if it gained access to new markets for its oil.

Export Development Canada will finance the purchase, which includes the pipeline, pumping stations and rights of way along the route between Edmonton and Vancouver, as well as the marine terminal in Burnaby, B.C., where oil is loaded onto tankers for export. "The government was under tremendous political pressure to get this deal done".

Now 99 percent of Canada's oil is sold to the United States at a discount, and access to the Pacific coast is seen as key to diversifying the world's sixth largest oil producer's energy exports.

"I'd say the deal is a slight positive as it helps reduce balance sheet leverage and removes this significant project execution overhang", St. Louis-based Edward Jones analyst Jen Rowland said in an email.

The transaction could further "galvanize opposition" from special interest groups while complicating the government's ability to provide protection for construction sites in the Lower Mainland of B.C., including its willingness to call in the RCMP if needed, they said.

Canada needs infrastructure like that created to triple Trans Mountain's capacity to move crude oil and refined products from the Alberta oilsands and Edmonton refining complex to the West Coast, said Chris Bloomer, CEO of the Canadian Energy Pipeline Association.

The crisis has passed for now, Notley said.

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