Elizabeth May Pleads Guilty To Criminal Contempt After Kinder Morgan Protest

Cristina Cross
May 29, 2018

The deal was approved by cabinet on Tuesday morning and is now subject to approval by Kinder Morgan stockholders. He described the $4.5 billion buy-out as a "fair price for Canadians", and said the commercial agreement is a "sound investment opportunity".

Finance Minister Bill Morneau says once the sale 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.

The plan announced Tuesday has several stages - construction will continue this year with a Federal loan guarantee as the deal is finalized; the government will look for a new owner or owners to transfer the project to; and then "indemnify" the owner against certain costs.

Opponents of the Kinder Morgan project are concerned over the environmental impact of extracting more fossil fuels from Alberta's oil sands and the possibility of an oil tanker spill in Canada's Pacific waters.

Kean did not say why he made a decision to sell rather than absorb the risk of further delays to Trans Mountain.

In the course of the federal review of the project, the Government said it consulted 117 potentially affected Indigenous rights holders for four additional months, marking the deepest federal consultations ever done on a major project. Currently, he said yesterday, Canada is losing US$11.56 billion (C$15 billion) annually because of the pipeline constraint.

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The Alberta government is also supporting the project and will provide an "emergency fund" to cover unforeseen costs "if needed".

John Horgan, British Columbia's premier, has asked a court to determine whether the province has jurisdiction over the pipeline, vowing to block the expansion if the court says yes.

Buying the pipeline outright had become increasingly likely after Prime Minister Justin Trudeau first pledged only to backstop it.

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

The pipeline expansion would triple the capacity of an existing line to ship oil extracted from the oil sands in Alberta across the snow-capped peaks of the Canadian Rockies.

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