Economy

Trans Mountain pipeline purchase puts economy before environment, observers say

Trans Mountain pipeline purchase puts economy before environment, observers say

Bill Morneau, finance minister, announced on Tuesday the government will pay Kinder Morgan 4.5 billion Canadian dollars (US$3.5bn) for the Trans Mountain pipeline.

A local environmental group is expressing concern about the recent deal reached between the federal government and Kinder Morgan to buy the controvesial Trans Mountain Pipeline.

The plan, similar to how Canada financed and managed shares in General Motors and Chrysler in 2009 during the financial crisis, will also include a new Crown corporation to manage the project.

"Any climate change plan that ignores the needs of working people is doomed to fail", Alberta Premier Rachel Notley said after the deal was announced.

"Pipeline capacity issues are cooling oil producers' appetite for new investment and drilling was also slightly down in the last winter season", the report continued. It is subject to approval by Kinder Morgan's shareholders.

The company's announcement ramped up the fight over the contentious project, which has pit the federal government and the landlocked province of Alberta against BC. Kinder Morgan will help Ottawa find other investors, as Morneau said the government was not interested in holding on to the asset.

Kinder Morgan has agreed to take part in marketing the project; Ottawa wants to avoid becoming a pipeline owner if at all possible.

When the sale is finished, Canada will continue construction on its own, with plans to eventually sell it all in the future once market conditions improve.

Notley said Tuesday she sees no need to turn off the oil taps to B.C. for the moment, but said she still has the law in her back pocket.

"There's $4.5 billion to purchase the assets, then you have construction costs on top of that, indemnity costs", McLeod said.

More news: Mattis says U.S. to continue operations in South China Sea

"The Trans Mountain Expansion faces even steeper obstacles and will soon become the third, and Trudeau just put the public on the hook for the costs", Hudema said.

Once the sale is finalized, Ottawa plans to take on remaining construction of the addition to the pipeline.

The pipeline connects oil sands facilities near Edmonton, Alberta, to tanks in Burnaby, near Vancouver on Canada's west coast.

Alberta's economy continues to do well, but growth will be weaker this year according to a report released by the Conference Board of Canada Tuesday.

Canada approved the project in November 2016, following an expanded environmental review process that included additional consultations with Indigenous communities and assessing the amount of additional emissions likely to result from additional production.

In British Columbia, Premier John Horgan said, "Tens of thousands of B.C.jobs depend on pristine coastal and inland waters".

"We will look for prospective buyers, but. there will be construction throughout the summer and I think that may be the most important signal of all", Natural Resources Minister Jim Carr said in an interview.

That decision prompted the Alberta government to call an emergency cabinet meeting to come up with a response.

The Chilliwack-area chief has been vocal on social media and in the mainstream press for several months trying to shoot down the notion that B.C. First Nations were united in lockstep in opposition to the expansion.

Now the Canadian government is stepping in to make sure the pipeline is completed over the objections of environmentalists, especially those in the Vancouver area who are anxious about increased shipping traffic and the possibility of spills along the coast.


  • HMD promises Android P updates for all Nokia smartphones

    HMD promises Android P updates for all Nokia smartphones

    The phone is backed by a 2,970 mAh battery, along with a 3.5 mm audio jack, FM radio and the expected Wi-Fi and Bluetooth goodies. The smartphone comes with a taller screen with 5.2-inch IPS display with a resolution of 720 pixels along with 18:9 aspect ratio.
    PSG coach set to join Unai Emery’s Arsenal staff

    PSG coach set to join Unai Emery’s Arsenal staff

    Aaron Ramsey has hinted he is now ready to sign a new deal after admitting he can not wait to work under Unai Emery at Arsenal . Gerry Peyton's former role as goalkeeping coach is going to Javi Garcia, who confirmed yesterday he is moving to the Emirates.
    Xiaomi Mi Note 5 is ready for release next week

    Xiaomi Mi Note 5 is ready for release next week

    In terms of memory, the Xiaomi Mi 8 could come in variants of 6GB and 8GB RAM , with storage options ranging from 64GB to 256GB. The biggest and most noticeable change in this aspect will be the notch cutout on the Mi 8's display.
  • EDL founder jailed for contempt of court after broadcasting tirade on Facebook

    EDL founder jailed for contempt of court after broadcasting tirade on Facebook

    If he is found guilty of breaching the terms of his prior sentence, the activist may be detained for up to three months. Matthew Harding, representing Robinson, said his client felt " deep regret " at potentially endangering the trial.
    Famous Russian painting of Ivan the awful  'seriously damaged' in pole attack

    Famous Russian painting of Ivan the awful 'seriously damaged' in pole attack

    The gallery refused to remove it and reinforced security around the work. "I came to look at it (the painting)". When it was last attacked-a man with a knife slashed it thrice in 1913-the Russian realist restored it himself.
    Sterling defends gun tattoo following criticism

    Sterling defends gun tattoo following criticism

    Sterling now sports a tattoo of an M16 assault rifle on his leg, an image that some have labelled "sick" and " disgusting ". However Sterling says the tattoo is a tribute to his father, who was gunned down when he was a child.
  • How to make sure your Amazon Echo doesn't send secret recordings

    How to make sure your Amazon Echo doesn't send secret recordings

    In a later statement, the company went into greater detail about what had happened, and why Alexa had forwarded the conversation. Alexa then asked aloud if they wanted to send a message to that and heard "right" in more background conversation.
    'Jesus Wouldn't be Riding a Donkey'

    'Jesus Wouldn't be Riding a Donkey'

    He said there was no obligation, and there was only one surefire way to determine what, exactly God wanted them to do: Prayer. A televangelist in Louisiana has a problem he needs his disciples' help with: he's due for a new private jet.

    Serena Williams Wins First Grand Slam Tennis Match Since Giving Birth

    Her haul of 23 Grand Slam singles crowns beats Steffi Graf's total by one, and is just one shy of Margaret Court's record 24. Williams made her return to the Roland Garros courts in a skintight black catsuit, saying she does so for a couple reasons.
  • Facebook Looking At Possible 1-Month Ban in Papua New Guinea

    Facebook Looking At Possible 1-Month Ban in Papua New Guinea

    Critics are concerned about why the government thinks a Facebook ban is necessary to do its research. Earlier this year, officials in Sri Lanka imposed a week-long ban on the social networking site.
    SC  photojournalist, Virginia native, dies while covering story

    SC photojournalist, Virginia native, dies while covering story

    According to Polk County Local Government's Facebook page, the crash, involving an SUV and a tree, resulted in two fatalities. They told Tennant to be careful with Alberto's remnant expected to bring more heavy rains and mudslides this week.
    BMO, Simplii Financial Report Possible Data Breaches

    BMO, Simplii Financial Report Possible Data Breaches

    Gammal said the potential breach at BMO appears to be related to the CIBC issue. It is also "assessing" fraud claims from clients, a spokesperson said.