Finance Minister says indemnification would stay in place even if Kinder Morgan walks away.
Kinder Morgan Mining News
Lender is moving to a carbon-neutral state by offsetting its own greenhouse gas emissions through the purchase of carbon credits starting this year.
More than a hundred environmental activists gathered last weekend to practice seaborne drills to disrupt construction on Kinder Morgan's Westridge crude oil terminal.
The lender has been evaluating its pipeline-related policy for months and said it may make the decision of not financing those kinds of projects permanent before year-end.
Construction of the $7.4 billion project is scheduled to begin in September and should be completed by December 2019.
That is how much the company will have to spend just getting the expansion project shovel-ready, according to Conference Board of Canada estimates.
Kinder Morgan expects a final decision on pipeline twinning process within four to six weeks.
Brace yourselves Canadians, the pipeline drama is about to heat up again.
Burnaby's bylaw battle against the Trans Mountain pipeline has been shut down by a B.C. Supreme Court judge who has declared that the National Energy Board rules take precedence over the city's.
The company will review the conditions and submit comments to the National Energy Board next week.
Pipeline opponents have vacated Burnaby Mountain but are now camping out at the entrance to Kinder Morgan's Westridge Marine Terminal.
The National Energy Board said Kinder Morgan can conduct survey work at Burnaby Mountain, despite opposition from the city.
The merger is the largest in the energy sector in the last 15 years.
The company’s preferred corridor would include a trenchless drill crossing a conservation area.
The city’s lawyer Greg McDade stated Trans Mountain has not consulted with or obtained any agreements with the city’s fire, police, and emergency services.
Company claims comment was part of a requirement for the application to the National Energy Board.
Unlike it happened for the Northern Gateway project, there will be no public hearing schedule for the Trans Mountain pipeline.
Despite objections from several groups, the Harper government declared over the weekend the humpback a "species of special concern" under the Species at Risk Act (SARA).
The expansion would help increase Canadian crude exports to Asian and US markets.
Rail to fill the "void" to the West Coast
But the Calgary-based company acknowledges the path will be full of obstacles.
Near the town of Merritt in southwestern British Columbia.
Kinder Morgan (NYSE: KMP) is going ahead with its planned $5 billion expansion of the Trans Mountain pipeline in Canada, which brings crude oil from the Alberta oil sands to Vancouver’s port.