Kinder Morgan CEO ‘appreciates’ Ottawa’s offer to backstop pipeline delay costs

Date:

The CEO of Kinder Morgan Canada Ltd. says he “appreciates” an announcement by Finance Minister Bill Morneau that the government will compensate investors in the proposed Trans Mountain pipeline expansion if “unnecessary delays” cause costs to rise.

Morneau says 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.

“We acknowledge the comments by Minister Morneau this morning and appreciate his acknowledgement of the uncertainty created by the B.C. Government’s stated intentions to ‘do whatever it takes to stop the Trans Mountain Expansion Project’ and the ‘exceptional political risk’ this federally and provincially-approved project continues to face. We appreciate his recognition that a private company ‘cannot resolve differences between governments,'” CEO Steven Kean said in a written statement.

“We remain steadfast in our previously stated principles: clarity on the path forward, particularly with respect to the ability to construct through British Columbia, and ensuring adequate protection of our KML shareholders.”

Read full article here.

Canadian Press – May 16, 2018.

Want More Investigative Content?

Curate RegWatch
Curate RegWatchhttps://regulatorwatch.com
In addition to our original coverage, RegWatch curates top stories on issues and impacts arising from the regulation of economic, social and environmental activity in Canada and the U.S.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

MORE VAPING

Real Threat | Health Minister Unravels Canada’s Tobacco Strategy | RegWatch

Canadian Federal Health Minister Mark Holland is launching a crusade against safer nicotine products, driven by the uncompromising stance of non-profit health groups vehemently...