abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphLinkedInlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalityweb
Article

8 Apr 2018

Author:
Kinder Morgan Canada Limited

Kinder Morgan Canada Limited suspends non-essential spending on Trans Mountain Expansion Project

See all tags

Kinder Morgan Canada Limited... announced that it is suspending all non-essential activities and related spending on the Trans Mountain Expansion Project.  KML also announced that under current circumstances, specifically including the continued actions in opposition to the Project by the Province of British Columbia, it will not commit additional shareholder resources to the Project.  However, KML will consult with various stakeholders in an effort to reach agreements by May 31st that may allow the Project to proceed... [According to KML Chairman and Chief Executive Officer Steve Kean]... "While we have succeeded in all legal challenges to date, a company cannot litigate its way to an in-service pipeline amidst jurisdictional differences between governments... The uncertainty as to whether we will be able to finish what we start leads us to the conclusion that we should protect the value that KML has, rather than risking billions of dollars on an outcome that is outside of our control... We appreciate the support shown by the Federal Government and the Provinces of Alberta and Saskatchewan, and are grateful for the strong endorsements among the majority of communities along the route and 43 Indigenous communities, as well as customers, contractors and unions. The fact remains that a substantial portion of the Project must be constructed through British Columbia, and since the change in government in June 2017, that government has been clear and public in its intention to use 'every tool in the toolbox' to stop the Project.  The uncertainty created by BC has not been resolved but instead has escalated into an inter-governmental dispute."... [I]n an unprecedented negotiated commitment, Trans Mountain agreed to provide financial benefits from the Project, if completed, to British Columbia for a newly-formed BC Clean Communities Program to be accessed by communities for local projects that protect, sustain and restore BC's natural and coastal environments.

Timeline