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Liberal government to buy Trans Mountain pipeline for $4.5B
& l8 r3 X- Y& N( b. o) g# F/ F' b& q5 `Canadian public will also incur millions to construct expansion project with estimated price tag of $7.4B
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7 _- d6 R& o7 ?5 ?0 y$ N) Z4 ?The Liberal government will buy the Trans Mountain pipeline and related infrastructure for $4.5 billion, and could spend billions more to build the controversial expansion.) q+ R0 }$ e }. K
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Finance Minister Bill Morneau announced details of the agreement reached with Kinder Morgan at a news conference with Natural Resources Minister Jim Carr this morning.( s6 A5 x% o7 L' Z
8 |$ |% _ X( B$ r" t+ {6 X3 G"Make no mistake, this is an investment in Canada's future," Morneau said.
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9 k @+ l8 Y5 k/ ?) \Morneau said the project is in the national interest, and proceeding with it will preserve jobs, reassure investors and get resources to world markets. He could not say exactly what additional costs will be incurred by the Canadian public to build the expansion, but suggested a toll paid by oil companies could offset some costs and that there would be a financial return on the investment.# a! J; A# l' P i1 M2 Q
% n5 {6 s0 n, E( E/ N+ }" h2 n& \Kinder Morgan had estimated the cost of building the expansion would be $7.4 billion, but Morneau insisted that the project will not have a fiscal impact, or "hit."$ H2 _! t5 {+ Q$ q
9 P( ~$ k D7 A6 E$ mHe said the government does not intend to be a long-term owner, and at the appropriate time, the government will work with investors to transfer the project and related assets to a new owner or owners. Investors such as Indigenous groups and pension funds have already expressed interest, he said.
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$ \3 b) v/ W& WUntil then, it will proceed under the ownership of a Crown corporation. The agreement, which must still be approved by Kinder Morgan's shareholders, is expected to close in August.) m3 Q0 [, T: y' n* a
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Conservative Leader Andrew Scheer is responding to today's announcement at 11 a.m. ET and CBCNews.ca will carry it live. This morning he tweeted that the decision is an admission that Prime Minister Justin Trudeau "has failed Canadian energy workers and investors."
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The pipeline expansion project has faced intense opposition from the B.C. government, environmental activists and Indigenous groups.
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Carr said the plan does not sacrifice the environment for the economic benefits.
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% c0 I: n5 s: F( P g" }"Canadians want both and we can have both," he said.9 B v) k1 ]+ h& v# s Q
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Kinder Morgan issued a statement that says the deal represents the best way forward for shareholders and Canadians.
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/ m7 Y* r( w, R A. m"The outcome we have reached represents the best opportunity to complete Trans Mountain Expansion Project and thereby realize the great national economic benefits promised by that project," said chairman and CEO Steve Kean.
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0 z3 s6 l5 G8 g% G6 E"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."
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Green Party Leader Elizabeth May, who pleaded guilty to criminal contempt for protesting the pipeline, tweeted that Kinder Morgan is "laughing all the way to the bank."
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Alberta Premier Rachel Notley called it "a major step forward for all Canadians."' k# k: Q( u2 a2 Z7 m9 @: L$ P
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"This project has more certainty than ever before. We won't stop until the job is done!" she tweeted.9 `# v' ]( _/ J* O
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Prime Minister Justin Trudeau also took to Twitter to praise the deal.
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2 }2 c: n6 R% W* O0 ?! q"Today, we've taken action to create and protect jobs in Alberta and B.C., and restart construction on the TMX pipeline expansion, a vital project in the national interest," his post says.
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This morning, the Investment Industry Regulatory Organization of Canada announced a trading halt for Kinder Morgan Canada Limited because of "pending news." The IIROC can impose a temporary suspension of trading in a security of a publicly listed company to ensure "a fair and orderly market."
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The government had looked at three options for moving the project forward:& W, |& i- A, I7 a0 h/ u+ W. O
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Compensating Kinder Morgan — or any other company — for financial losses caused by British Columbia's attempts to block the project./ Z ^2 e2 r) o2 G. q
The federal government buys, builds and then sells the expansion once the work is complete.* P. O& D0 d, ?2 l+ d- w* l
The federal government buys the project from Kinder Morgan, then puts it on the market for investors willing to pick up the project and build it themselves.
( ]9 D) _4 `. b+ w2 G! l: p& dMorneau's announcement comes just two days before a deadline set by Kinder Morgan, which had said it needed clarity on a path forward for the project by May 31 or it would walk away from construction.8 Q( I$ ~$ G0 j3 J' `, |' k. Q
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The original Trans Mountain pipeline was built in 1953. The expansion would be a twinning of the existing 1,150-kilometre pipeline between Strathcona County (near Edmonton), Alberta and Burnaby, BC. It would add 980 kilometres of new pipeline and increase capacity from 300,000 barrels a day to 890,000 barrels a day.2 C8 U/ h. |/ {
0 f0 T, R) Q/ Q3 J hAccording to the company's project website, the construction and the first 20 years of expanded operations would mean a combined government revenue of $46.7 billion, with $5.7 billion for B.C., $19.4 billion for Alberta and $21.6 billion for the rest of Canada. |
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发表于 2018-5-29 08:15
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