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Federal Government to Buy Trans Mountain Pipeline for $4.5-Billion

Federal Government to Buy Trans Mountain Pipeline for $4.5-Billion

The pipeline news will stain Trudeau's reputation in many Indigenous communities that have been supportive of the Liberals to this point.

Mr. Trudeau took the joke in stride, responding that his grandfather owned gas stations, so perhaps it's appropriate his government is dropping $4.5-billion to take over the controversial energy project from Kinder Morgan Inc. "I'm not joking", he tweeted. "This project has more certainty than ever before". When pressed, the finance minister would not say what he expects the construction costs will be. The federal government does not have a "target date" for its potential resale, Morneau added.

Kean said the Canadian government would help search for an alternative buyer. Steven J. Kean, the president of Kinder Morgan, called it a "great day for Canada, for our customers and for our employees". It's worth noting that the country's biggest fund, the Canada Pension Plan Investment Board, said on Tuesday that it is "not actively assessing an investment in the extension opportunity".

"This is a major step forward for all Canadians". Citing investor uncertainty, it also said it would give up on the expansion plan if British Columbia did not stop its attempts to block it by this Thursday.

"John Horgan picked a fight with Alberta and provoked a constitutional crisis with Ottawa over this project and this is now the embarrassing result", Wilkinson said.

"We still have it".

"Water is life. We can't drink gasoline, we can't use it to grow our food, we can't use it to replace all this old-growth forest and all these non-renewable resources that we continue to consume like Pac Men", she told the NOW. "So our reference case remains".

The premier also didn't discourage protesters.

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"If they didn't spend it on that, they'd spend it on something else", she said.

Back in Ottawa, Morneau told reporters construction on the project will resume this summer. The decision is the culmination of a months-long battle between B.C.'s NDP government, the Alberta NDP government and the federal government. "The only (way) in our estimation that that can be done is through exerting our jurisdiction by purchasing the project".

In a way, protests against the pipeline appeared to have had their intended effect, George said. If completed, the project would twin the existing pipeline that has been in place since 1953.

Minister of Natural Resources Jim Carr rises during Question Period in the House of Commons on Parliament Hill in Ottawa on April 24, 2018. â€The previous government spent 10 years pitting the environment and the economy against each other.

The fact that Trans Mountain needed tax payers to purchase the project has exposed "fundamental flaws" in Canada's regulatory system, the Business Council of British Columbia said in a release.

Kamloops-South Thompson MLA Todd Stone said "bravo to Premier Horgan for taking a $7.4-million project that will create 15,000 jobs that would be built by a private proponent and now it's nationalization of a multi-billion dollar asset".

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.


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