Science

There may be credit implications with Trans Mountain

There may be credit implications with Trans Mountain

After a series of speeches in front of the Visitor's Information Centre, hundreds of marchers made their way along Wharf Street to Centennial Square, where they met many more participants. The expansion would allow the system to send 890,000 barrels of different types of oil products from Edmonton to Burnaby per day. Kinder Morgan feared the expansion could become Canada's Standing Rock.

British Columbia Premier John Horgan, whose New Democratic Party picked up seats in the province's legislature a year ago on a platform that opposed Trans Mountain and formed a coalition with the anti-fossil fuel Green Party, this week promised to continue fighting the project in court. Also, the 26 lenders that Kinder Morgan negotiated with agreed to exempt the pipeline company from penalties on loans if the project was delayed or obstructed because of political problems.

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

As the Trudeau government prepares to take over the controversial $7.4-billion Trans Mountain Pipeline expansion, project management experts say it is critical that government oversight is handled properly.

First Nations and environmental groups assailed Trudeau for buying out the project.

"While accretive options may be surfaced, we do not see a potential transaction as sufficient to offset the potential upside from the Trans Mountain expansion project", the note says.

Houston-based Kinder Morgan earlier halted essential spending on the project and said it would cancel it altogether if the national and provincial governments could not guarantee it.

Gritty Zverev in last eight
Second seed Alexander Zverev also survived a scare as he saved match point in a five-set triumph against Bosnia's Damir Dzumhur. While Djokovic pursues a 13th Grand Slam title, 23-year-old American Madison Keys is still searching for number one.

Meanwhile, an analyst warns the continued delays in pipeline construction are hurting the Canadian economy.

The investors who eventually buy the pipeline could include those groups, Doucet said, but he added the price, likely $10 billion to $12 billion after construction is complete, means some of the investors will need deep pockets. "We're seeking the ensure the project gets done, but we will always try and make sure the project presents a fair situation for Canadians", he said.

Kinder Morgan is walking away from a major energy project here in Canada.

Canada's Prime Minister Justin Trudeau spoke May 29 with Premier Horgan to confirm that the Government of Canada has reached a commercial agreement with Kinder Morgan "in order to secure the timely completion of the Trans Mountain Expansion Project". The City has 30 days to appeal the ruling.

Notley also rejected that using public funds to buy the pipeline was a waste.

"People feel betrayed by this government and so opposition is growing and we're going to stop this pipeline", she said.

Worse still, that is $4.5 billion that the private sector will simply invest in other energy projects outside of Canada.


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