Money Morneau: we'll back Trans Mountain investors

17:12  16 may  2018
17:12  16 may  2018 Source:   msn.com

Bill Morneau to give 'major update' on Kinder Morgan pipeline talks Wednesday

  Bill Morneau to give 'major update' on Kinder Morgan pipeline talks Wednesday Bill Morneau to give 'major update' on Kinder Morgan pipeline talks WednesdayA news conference scheduled for 9 a.m. Wednesday in Ottawa will be the first detailed update on the efforts to save the controversial Trans Mountain Pipeline expansion since Prime Minister Justin Trudeau asked Morneau to work with Kinder Morgan to find a path forward.

The finance minister says the federal government is willing to support other investors interested in the Trans Mountain pipeline expansion if Kinder Morgan

The conclusion Morneau and his advisers reached is that Kinder Morgan is trying to back the federal government into a corner so they can sell Trans Mountain to Ottawa for a price well above its We think plenty of investors would be interested in taking on this project Finance Minister Bill Morneau .

a man standing in front of a building© Provided by thecanadianpress.com

OTTAWA - If Kinder Morgan wants to abandon plans to build the Trans Mountain pipeline expansion, there are plenty of other investors out there willing to take up the cause — and they will have the backing of the federal Liberal government, Finance Minister Bill Morneau says.

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Trans Mountain pipeline supporters rally around Kinder Morgan

  Trans Mountain pipeline supporters rally around Kinder Morgan Nearly 100 supporters gathered outside the conference centre hosting the Kinder Morgan annual general meeting in downtown Calgary on Wednesday to show their unwavering support for the Trans Mountain pipeline amid uncertainty about whether the project will go forward. James Robson, spokesperson for rally organizers Canada Action says the group is dedicated to showing Canadians’ […]James Robson, spokesperson for rally organizers Canada Action says the group is dedicated to showing Canadians’ support for the project.

The Globe- WE Learning Hub. Arts. Film. The finance minister says the federal government is willing to support other investors interested in the Trans Mountain pipeline expansion if Kinder Morgan backs out. Bill Morneau says building the expansion is in the 'best interest' of Canadians.

Investors need certainty in order to back the project, Morneau said, but he steadfastly The Trans Mountain debate is just one of many sources of uncertainty, particularly with the unknown economic Vanguard: You' ll make less money in the stock market in the next 10 years—here's what you can do.

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The government is willing to "provide indemnity" to any investors, be they the project's original architects or otherwise, to ensure the controversial Alberta-B.C.. project is able to proceed, Morneau told a news conference Wednesday.

The announcement, coming on the very day when the company's Calgary-based Canadian operation is scheduled to hold its annual meeting, bore the hallmarks of an effort to ratchet up the pressure in advance of Kinder Morgan's May 31 deadline.

Amid mounting opposition from the B.C. government, environmental groups and protesters, not to mention skittish investors, the company last month halted all non-essential spending on its $7.4-billion plan to double an existing pipeline between Edmonton and Burnaby, B.C.

Rachel Notley: Jagmeet Singh 'Absolutely, Fundamentally, Incontrovertibly' Wrong About Trans Mountain Project

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Next Up: If Kinder Morgan bails, Ottawa would back new Trans Mountain pipeline investors . “ We are willing to indemnify the Trans Mountain expansion against unnecessary delays that are politically motivated,” Morneau said.

We know in any project there’s risks, investors know when they invest in a company there are risks associated with that,” Weaver said. Finance Minister Bill Morneau speaks about the Trans Mountain Expansion project at a press conference in Ottawa on Wednesday, May 16, 2018.

"We are willing to indemnify the Trans Mountain expansion against unnecessary delays that are politically motivated," Morneau said — a reference to B.C. Premier John Horgan's ongoing refusal to allow the project to proceed, despite federal jurisdiction.

"If Kinder Morgan is not interested in building the project — we think plenty of investors would be interested in taking on this project, especially knowing that the federal government believes it is in the best interest of Canadians and is willing to indemnity to make sure it gets built."

He said investors need certainty in order to back a project that the government has repeatedly insisted is in the national interest, but steadfastly refused to say what sort of dollar figures are currently on the table.

Morneau did not directly answer when he was asked how other investors or companies could conceivably take over a project to expand an existing pipeline that already has an owner.

Alberta premier 'prepared to turn off the taps' now that legislation approved

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Morneau said this week that if Kinder Morgan decides not to go ahead with the Trans Mountain pipeline “ We are willing to indemnify the Trans Mountain expansion against unnecessary delays that are He said investors need certainty in order to back a project that the government has repeatedly

Finance Minister Bill Morneau says if Kinder Morgan wants to abandon plans to build the Trans Mountain pipeline expansion, there are plenty of other investors out there willing to take up the cause. Trump economic adviser says Trudeau ‘stabbed us in the back ’.

"This pipeline that Kinder Morgan currently has, the Trans Mountain pipeline, has been there since 1953, so we see that the twinning of that pipeline is one of the most effective ways to get our resources to market responsibly," he said.

"We see a path to an outcome that will assure that we can get the advantage that we're seeking; that's why those discussions are ongoing. We do know that in order to make sure that we have that path, we need to deal with the extraordinary risks that have been presented by Premier Horgan."

The finance minister had been engaged in intensive talks with Kinder Morgan officials up until Tuesday, but the two sides have yet to declare any common ground on the amount of federal money involved.

"Discussions with Kinder Morgan continue — and we are striving to get to an agreement by the May 31 deadline."

Morneau's talks with Kinder Morgan had their genesis a month ago, when Trudeau promised to deploy both financial and legislative tools to ensure the disputed expansion is able to proceed.

During a remarkable eight-hour stopover in the national capital, an unscheduled break from a busy overseas travel itinerary, Trudeau convened a summit in Ottawa with B.C.'s John Horgan, who has staked his government's survival on opposing the pipeline, and Alberta Premier Rachel Notley, whose province's economic health depends on it.

Alberta passes bill 'to turn off the taps' to B.C. over pipeline delays

  Alberta passes bill 'to turn off the taps' to B.C. over pipeline delays Alberta has passed legislation giving the energy minister power to stop gasoline shipments to British Columbia if that province continues to throw up barriers to the Trans Mountain pipeline expansion, and Alberta's premier says she is ready to use it. Bill 12 passed late Wednesday afternoon in the Alberta Legislature. David Swann, the Liberal for Calgary-Mountain View, was the only member of the legislature to vote against it.

from on 2018-05-16 17:57 (#3QBJM). Morneau summons media to update talks with Kinder Morgan over disputed pipeline. View Site.

Morneau has insisted the twinning of the pipeline, despite opposition from B.C., is a “commercially viable” project and that there are “plenty” of other investors interested in it. But Scheer did not completely rule out backing government investment in the pipeline. “ We ’ ll wait and see,” he told the

Trudeau instructed Morneau to sit down with Kinder Morgan to find a financial solution that would soothe their investors. He also promised legislation that would reaffirm Ottawa's authority to press ahead with a development deemed to be in Canada's national interest.

The Liberal government position is that it approved the project in 2016 after a rejigged environmental assessment and Indigenous consultation process, and in concert with the its climate change and oceans protection plan. Approval came in consultation with the previous B.C. Liberal government, which gave its consent to the project after its own conditions were met.

Horgan's election last year changed that. His minority government exists at the pleasure of the Green party, and on condition of his continued opposition to the project.

Note to readers: This is a corrected story. The previous version suggested the Kinder Morgan annual meeting is tomorrow instead of today.

Premier Notley spars with federal NDP leader Jagmeet Singh over Trans Mountain .
Premier Rachel Notley wasn’t mincing words Wednesday after federal NDP leader Jagmeet Singh chastised the federal Liberal government for subsidizing the fossil fuel industry, and in particular, offering a financial backstop to Kinder Morgan's Trans Mountain pipeline expansion. Singh said at a rally in Ottawa that he simply can't support the project and wants it scrapped as it places too much liability on Canadian taxpayers. "There are talks of absorbing the risk of Kinder Morgan, which could put Canada, Canadians and the environment, to hold all the risk," he said.

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