Taxpayers will pay for Kinder Morgan project

  • Page Views 578
  • The Canadian Parliament was in outrage after the federal Liberal cabinet approved a controversial plan to spend $4.5 billion to buy the entire Trans Mountain pipeline project, and take on potentially billions more in construction costs to expand it that will add up to a bill worth $7.4 billion.

    Conservatives blamed Prime Minister Justin Trudeau for nationalizing an oil pipeline because he could not provide international energy investors the certainty they need. The pipeline has been a controversial issue, especially between BC and Alberta, as the NDP government of BC refuses to give way to the building of the potentially environmentally disastrous oil project.

    Trudeau was asked about the risks of his plan to taxpayers or the environment, but he was tight-lipped, saying only that “we’re going to get that pipeline built.” He was not in the House of Commons to face the opposition, leaving Finance Minister Bill Morneau to defend the move just hours after announcing it. Morneau was met with jeers and cheers from the Conservatives, NDP and the Greens for his pronouncements, especially after his initial quip against Conservative leader Andrew Scheer.

    Morneau said in a news conference the federal government will create a Crown corporation to handle Kinder Morgan’s pipeline, which will manage all the rights, assets and the Canadian management team associated with its planned expansion, starting in August. This also came with an “assurance” that, with Kinder Morgan’s help, Ottawa will look for a private sector to build it, but if no buyer is found, Canadian taxpayers will pay the bill to build the pipeline.

    Kinder Morgan has already spent about $1 billion on the pipeline expansion, and in December estimated the project expansion cost at $7.4 billion overall. It is seeking to discharge its costs to a willing Canadian government who took on the costs to pay for the building of the pipeline.

    It is the largest federal government bail out since 2009, when Ottawa joined the Ontario government to advance more than $13.3-billion to help keep Chrysler and General Motors in business, and to ensure the Canadian auto industry survives. It also saved Canadian aviation company Bombardier last year, when it took $1 billion of the taxpayers money to keep the company afloat.

    Trudeau said the hazards of building this pipeline drove away Kinder Morgan. He met with his cabinet members early Tuesday morning two days before the deadline of the decision on the Trans Mountain project.

    Share

    New Posts Recently publish post More

    • 09 December 2018
      1 day ago No comment

      ‘Eat Bulaga’ scholar tops board exams

      “EAT Bulaga” scholar Jaydee Lucero, who topped the November 2018 Civil Engineering licensure examination, dedicated his well-earned success to his late father. Lucero, who graduated magna cum laude from the University of the Philippines-Diliman, got the highest passing rate of 97.20 percent among all the 13,887 examinees who took ...

    • 09 December 2018
      1 day ago No comment

      How about a show starring Kris and Bimby?

      KRIS Aquino should produce a show. Someone suggested that the actress and popular endorser could very well make her own program on national TV starring her and son Bimby Yap. The title of the program could be “Mom and Son,” added the observer. Well, why not? Kris has all ...

    • 09 December 2018
      1 day ago No comment

      How Iza is preparing for her altar date

      THE scintillating Iza Calzado is set to wed her fiancé, tech entrepreneur Ben Wintle, in a fun beach wedding very soon. The bride-to-be met her beloved, British-Filipino Benjamin Wintle seven years ago. “He is a tech entrepreneur and is the founder and CEO of the app, Booky, which started ...

    • 09 December 2018
      1 day ago No comment

      Karylle talks about mom Zsa Zsa Padilla amid ASAP issue

      “She’s good,” paniniyak ni Karylle sa kalagayan ng kanyang inang si Zsa Zsa Padilla. Naging usap-usapan nitong mga nakalipas na linggo ang diumano’y hindi pagkakasali ng Divine Diva sa ASAP Natin ‘To, ang reformatted Sunday musical-variety show ng ABS-CBN. Lalo pang tumibay ang hinalang may sama ng loob ni ...

    • 08 December 2018
      2 days ago No comment

      James Reid clarifies sports car ‘gift’ for Nadine Lustre

      When James Reid made Nadine Lustre feel a little extra special on her birthday by picking her up in a sports car, some assumed that he either owned the expensive ride or that he bought it as a gift. In an interview with CinemaNews, posted by Pep on Monday, ...

    %d bloggers like this: