Morneau tells Calgary audience Ottawa's ownership of Trans Mountain is temporary

Morneau tells Calgary audience Ottawa's ownership of Trans Mountain is temporary

The Government of Canada has reached a deal with Kinder Morgan to buy the highly contested Trans Mountain Pipeline.

Reactions from leaders of all industries and organizations to the federal government's announcement today (May 29) that it is buying Kinder Morgan Canada Limited's (TSX:KML) Trans Mountain pipeline have been strong.

Moe has repeatedly said the federal government should do more to ensure the project gets built and charged they have "no clear plan" to do so.

Conservative Leader Andrew Scheer went after the government for making the big investment with no assurance that the promised pipeline expansion to help move Alberta bitumen oil to the west coast will actually go ahead.

But Trudeau said the move will mean higher prices for oil exports and secure jobs in the resource sector, while dodging questions about what it may ultimately cost Canadians.

The Government of Canada isn't planning to hold on to the project, and will look for investors to transfer ownership once it's completed.

The Canadian Energy Pipeline Association "is deeply concerned that the government needed to purchase the project for it to be built and to assert federal jurisdiction", the group's president and CEO, Chris Bloomer, said in a statement.

But Morneau said the Alberta-British Columbia feud, which led Alberta to boycott British Columbia wines and threaten to cut the neighbouring provinces fuel supplies, "cannot be allowed to fester".

Charles-Émile Trudeau, a lawyer by training, spent the 1920s acquiring gas stations around Montreal, then sold the chain of 30 outlets to Imperial Oil in 1932 for $1-million - and as they say, that was when a million was worth something. "Really the only difference is Kinder Morgan's convinced Canada to pay for the project". "We're going to stand with our bodies as our weapons to defend the last of our sacred lands from any type of further encroachment or invasion", Manuel says.

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In this case, construction of the Trans Mountain expansion-assuming a private sector buyer isn't found immediately-will be in the hands of a federal Crown corporation.

"I feel betrayed", one woman said, adding that she wasn't sure how it was anyone in Ottawa's business what happens in B.C. on our coastline.

That does not include the cost of twinning the pipeline from Edmonton to Burnaby and the Liberals are not saying how much they're willing to spend to do that.

Kinder Morgan has valued the project at $7.4 billion.

"Trudeau is gambling billions of Canadian taxpayer dollars on an oil project that will never be built - a project that Kinder Morgan itself has indicated is "untenable" and that faces more than a dozen lawsuits, crumbling economics, and a growing resistance movement that is spreading around the world", Hudema said.

According to Hudema, the movement opposing the project " will not back down" following the government's purchase.

Morneau criticized the New Democratic Party (NDP) government in British Columbia for creating "political uncertainty" and making it hard for Kinder Morgan to proceed with the project. "We support improving market access to ensure Canada achieves fair recognition and full value for its energy resources".

Still, the federal government approved the pipeline in November 2016, on the condition that it meet 157 conditions related to its impact on Indigenous communities, environmental impacts and myriad other areas.

Prime Minister Justin Trudeau has long insisted the project is in Canada's national interest and is a pivotal part of the country's economic future.