In the face of an August 30, 2018 court decision to halt the Trans Mountain Pipeline Project, the Government of Canada “remains committed to ensuring the [Trans Mountain Pipeline] project proceeds in a manner that protects the public interest.” They are reviewing the decision “carefully.”
Kinder Morgan shareholders voted on August 30, shortly after the court decision was published, to endorse Canada’s purchase of the Trans Mountain Expansion Project and related assets.
According to Finance Minister Bill Morneau, the federal government’s “next step is to close on the acquisition of the Project. We expect that will happen as early as tomorrow.”
Following is the full speech from Finance Minister Morneau.
“Today we reached two important milestones related to the Trans Mountain Expansion Project.
“This is a project that is in Canada’s interest.
“A project that means thousands of good, well-paying jobs for the middle class.
“That will help us to get a fair price for Canadian resources.
“At a time when 99% of Canada’s oil exports are destined for the United States, it makes sense to seek other buyers for our resources.
“And it’s a project that represents a good investment – one that we believe will that deliver a real return on investment, for the benefit of Albertans, British Columbians, and all Canadians.
“Today, the Federal Court of Appeal issued its decision related to the Trans Mountain Expansion Project.
“We are reviewing the decision carefully.
“Let’s be clear: our government inherited a flawed environmental review process, and we made efforts to improve it.
“We are going to review today’s decision to ensure that we are meeting high standards when it comes to both protecting the environment and meeting our obligations to consult with Indigenous peoples.
“The court has asked us to respond promptly and in a meaningful way to today’s decision, and has given us some good direction on next steps.
“As a Government, we take our responsibilities seriously. While we want to make sure that the Project proceeds, we also want to make sure that it moves ahead in the right way.
“Today, Kinder Morgan shareholders also voted to endorse our Government’s purchase of the Trans Mountain Expansion Project and related assets. Our next step is to close on the acquisition of the Project. We expect that will happen as early as tomorrow.
“As we move ahead with the purchase, our Government remains committed to ensuring the project proceeds in a manner that protects the public interest.
- Ensuring the highest level of governance, including environmental protection;
- Upholding our commitments with Indigenous peoples; and
- Responsibly protecting Canada’s investment
“As we have said since the very beginning, building the Trans Mountain Expansion Project is in the national interest.
That is why our Government made the decision earlier this year to purchase the existing Trans Mountain pipeline, and infrastructure related to the Trans Mountain Expansion Project.
“We chose to acquire the Project because it’s a sound investment, and because as a government we can manage risks that, in these particular circumstances, would have been difficult for any private sector company to bear.
“And once we get past those risks, as we have said before, we will work towards transferring the project and related assets to a new owner or owners, in a way that ensures the project’s construction and operation will proceed in a manner that protects the public interest.
“Taken together, today’s decisions from the Federal Court of Appeal and from Kinder Morgan shareholders are important next steps in getting this project built in the right way, for the benefit of all Canadians.”
The full speech from Finance Minister Bill Morneau is available on Facebook.
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