Canada announced the nationalization of major oil pipeline

Canada announced the nationalization of major oil pipeline

Donna Oleksiuk holds a sign bearing a photograph of Prime Minister Justin Trudeau, during a protest against the Kinder Morgan Trans Mountain Pipeline expansion in Vancouver on Tuesday May 29, 2018. Ottawa would provide a federal loan guarantee to the company in the meantime.

"I know that doing this will make a statement to all of you in the room and a statement across the country that the federal government is willing to step up", Morneau said.

Kinder Morgan Inc. created its Canadian subsidiary in a $1.7-billion initial public offering previous year.

Kinder Morgan was forced to abandon the tar sands pipeline project after facing escalating opposition from Indigenous Nations and leaders, as well as thousands of British Columbians who have pledged to engage in civil disobedience to stop the pipeline.

"We need to deal with the political uncertainty", he said.

Federal government investments in major energy projects include the Syncrude oilsands mine in Alberta and the Hibernia oilfield offshore Newfoundland and Labrador, said David Finch, a Calgary-based oil and gas industry historian and author.

"Our Canadian employees and contractors have worked very hard to advance the project to this critical stage, and they will now resume work in executing this important Canadian project", said Kean.

As well, the proponent would be indemnified for “future costs and a reasonable return” if it abandoned the project because: (1) a final adverse judicial decision is made in relation to federal jurisdiction that would have a “catastrophic impact” on the expansion, or “despite commercially reasonable efforts” the proponent could not complete the expansion by a predetermined date, and (2) if either of these events occur, the Canadian government has the option to repurchase the expansion and existing pipelines.

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"It does not change the course that the Government of British Columbia has been on", Horgan said.

"So I am blowing the whistle on this awful investment and on Prime Minister Justin Trudeau for brokering this bad deal".

"Good jobs and meaningful climate action can, and must, go hand in hand", Alberta Premier Rachel Notley said.

But the note adds that it's unlikely that an acquisition would allow it to offset the benefit from the $7.4-billion expansion of its Trans Mountain pipeline.

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

The British Columbia Supreme Court dismissed their petitions aimed at quashing an environmental assessment certificate issued by the province for the project under the previous Liberal government.

He said earlier this week the purchase has no bearing on B.C.'s case, which is before the B.C. Court of Appeal. "First thing you look at is detection", he said. "This kind of project belongs in the private sector, and it should never have left it".

"Is federal government involvement an elegant way to maybe sell some interest to an Indigenous consortium or the Alberta government?" he asked.

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