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Kinder Morgan Canada Ltd. ignored political turmoil in British Columbia Tuesday and joined the Alberta and federal governments in preparing for a showdown on the expansion of the Trans Mountain oil pipeline that will test Canadian unity. The company proposing the $7.4 billion expansion project said the completion of its IPO means its investment decision is now final and construction will start in September.
“This is an exciting day for our customers, for communities and for the many individuals who are relying on this project to deliver jobs and economic benefits,” president Ian Anderson said in a statement. “This securing of financing for the project demonstrates the need for and interest in the opportunity for Canada to have better access to world markets.”
While the shares slumped on their first day of trading in Toronto as B.C. moved closer to having an anti-pipeline NDP/Green government, it was no small victory lap for Anderson, who’s been spearheading the project for a decade and been the target of a smear campaign in which he’s been called a “liar” by B.C. environmental group Dogwood and a “cowboy” by Grand Chief Stewart Phillip, president of the Union of British Columbia Indian Chiefs.
Alberta’s defiant NDP Premier, Rachel Notley, minced no words in defending Trans Mountain, which would carry 890,000 barrels a day Alberta oil from Edmonton to the West Coast for export to Asian markets, up from 300,000 today.
“The decision has been taken,” Notley said Tuesday in response to a deal between the B.C. NDP and the Greens to overthrow the long-time Liberal government.
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