Motz not happy about Trans-Mountain pipeline purchase

Motz not happy about Trans-Mountain pipeline purchase

The price tag is less than the company's estimated $7.4-billion projected cost but taxpayers will be on the hook for $4.5 billion according to details released by Finance Minister Bill Morneau and Natural Resources Minister Jim Carr at a news conference Tuesday.

The report said a lack of investment in the energy sector is a contributing factor.

Although he said the deal is to ensure the pipeline is built, Finance Minister Bill Morneau says Ottawa doesn't intend to be the pipeline's long-term owner, with plans to sell the project once it's done. The purchase includes the pipeline, pumping stations, and rights of way along the route.

The project will duplicate an existing 1,150km pipeline, allowing it to ship up to 890,000 barrels of oil a day from landlocked Alberta to the Pacific coast of neighbouring British Columbia, in western Canada, for export overseas.

"This is a declaration of war against indigenous people because they're not recognizing our own sovereignty", says Kanahus Manuel, a Secwepemc midwife and mother of four.

Kinder Morgan had investors and earnings calls and a stock price to watch as well as limited funds and tight timelines.

"It's an outrageous and reckless decision by the Canadian government".

Green Party leader and MLA for Saanich-Gulf Islands Elizabeth May said Kinder Morgan was "laughing all the way to the bank".

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But even if the Keystone XL pipeline is built, Canada is still selling 99% of its oil to refineries in the USA and that narrow market means they now get far less per barrel than they would if they had access to an alternative market.

"Our government believes that the commercial agreement we have reached with Kinder Morgan is the best way to protect thousands of good, well-paying jobs while delivering a solid return on investment for Canadians". Kinder Morgan had paused non-essential spending on the project over disputes between provincial governments in Alberta and B.C.

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

In the wake of the federal government's decision to buy the Trans Mountain pipeline from Kinder Morgan, industry analysts and climate groups agree on at least one thing: The political battle over the expansion of the contentious pipeline is not over.

"The cost that they did not calculate in their $4.5 billion purchase is that Indigenous frontlines will stop this pipeline".

Indemnification means the federal government would legally agree to bear any financial losses incurred by Kinder Morgan because of yet to be defined "politically motivated delays".

"It does change it from a federally approved project to a federally undertaken project, but the reference case ... did not speak to a specific project", he explained. "The only (way) in our estimation that that can be done is through exerting our jurisdiction by purchasing the project".

Tom Whalen, CEO of the Petroleum Services Association of Canada, in a statement that PSAC is " deeply concerned that in light of opposition, and in order for the project to move forward, government intervention was required". Its expansion is a key part of Canada's effort to boost oil exports to Asian markets - but the plan has been protested by indigenous groups and environmental activists, who warn of the risks of a spill and the hazards of increased petroleum tanker traffic.

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