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Home / 2018 / Federal government plans to purchase Kinder Morgan assets on Trans Mountain Pipeline
Federal government plans to purchase Kinder Morgan assets on Trans Mountain Pipeline

Federal government plans to purchase Kinder Morgan assets on Trans Mountain Pipeline

Federal Finance Minister Bill Morneau calls the government’s planned 4.5 billion dollar purchase of the Trans Mountain Pipeline an “Investment in Canada’s future”.

Morneau announced plans to buy out Kinder Morgan’s controversial project this morning along with all of the U.S. based company’s core Canadian assets.

As it stands, the plan is for Kinder Morgan to continue with the project as planned before the government takes over construction following the completion of the sale, which is not likely to be finalized until August.

Morneau says they do not intend to be long term owners of the pipeline and will work to transfer the project to new investors.

Morneau dodged questions on the price difference between the purchase tag and Kinder Morgan’s original 7.4 billion dollar construction estimate.

Meanwhile, Premier John Horgan says that a change in ownership does not change his concerns or opposition to the project and that he will continue to fight it, but he does lament that it should now be easier to have his voice heard.

About Jeff Blagden

News Reporter/ Anchor. Originally from Hamilton, Ontario, Jeff has a background in sports journalism, and radio hosting. He comes most recently from his post as a morning show host in Chetwynd.

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