In an act of "immense moral cowardice" that once again betrays his expressed commitment to helping confront the global climate crisis, Canadian Prime Minister Justin Trudeau announced on Tuesday that his government will purchase Kinder Morgan's "climate-destroying" Trans Mountain pipeline for $4.5 billion.
But the $4.5-million price Ottawa agreed to pay the Houston-based company and the estimated $6.4-million cost of constructing the additional link would be offset by what Moody's Investors Service estimates will be gross earnings of $1.3 billion a year once the combined pipeline is operating. Finance Minister Bill Morneau told media that the next step will be to sell it off to the highest bidder once market conditions allow.
British Columbia, the birthplace of Greenpeace, provides critical ocean access to get Canada's landlocked exports out of oil-rich Alberta to new buyers.
Premier Rachel Notley said she hopes that construction on the project will begin promptly despite continued court challenges from British Columbia.
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The news that Total is planning to withdraw from its large Iran gas field deal has pushed prices steadily higher on Thursday. Part of the "success" of these cutbacks is the result of economic and political instability in many oil producing countries.
Ball says it's important for Ottawa to invest in oil and gas infrastructure to make sure those future projects can happen no matter what.
As the government attempts to move forward on its ill-fated decision, we will be there standing shoulder to shoulder with Indigenous leaders to stop them.
The opposition to the project centers on the increased tanker traffic through the port of Vancouver and the Salish Sea that would result from its construction.
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".
"We're going to see more of this until we get to a point where we have stable government that recognizes jurisdiction and also that recognizes that projects that have passed through the stages that they need to pass through the stages of approval should be built", he said. Any money put toward construction would be converted into an equity stake in the federal project, she said.
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"Indeed, we question (parent company) Kinder Morgan Inc.'s willingness to retain Kinder Morgan Canada longer term as it only contributes about two per cent of EBITDA (earnings before interest, taxes, depreciation and amortization) and has reduced growth prospects". The MP acknowledged the court cases launched by the First Nations remain an "outstanding issue" for the project, but added the federal government feels it has met constitutional requirements for consultation.
The Canadian government said on Tuesday that it would buy a pipeline that has been the focus of widespread protests by environmentalists and some Indigenous groups, putting the government squarely on the side of the country's oil industry.
Premier Scott Moe has been a vocal backer of the project.
The provincial government will continue to "defend British Columbia's interests within the rule of law", he said.
In British Columbia, Premier John Horgan said, "Tens of thousands of B.C.jobs depend on pristine coastal and inland waters". That is not who we are, â said Carr. "Now they [the Liberals] have left all their eggs in the Kinder Morgan basket".
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The European Union objected to the embassy move, but the four European countries broke with EU policy to attend the celebration. Morales's decision to move Guatemala's embassy has been seen as partly influenced by his evangelical religious beliefs.
The move has prompted criticism on the cost that Canadian taxpayers could face.
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