Kinder Morgan remains cool despite Morneau promise to back pipeline
Kinder Morgan Canada Limited Chairman and Chief Executive Officer Steve Kean gave a “thanks, but…” response to Finance Minister Bill Morneau’s pledge of federal guarantees to ensure the completion of the Trans Mountain pipeline.
“We acknowledge the comments by Minister Morneau… and appreciate his acknowledgment of the uncertainty created by the B.C. Government’s stated intentions to ‘do whatever it takes to stop the Trans Mountain Expansion Project’ and the ‘exceptional political risk’ this federally and provincially-approved project continues to face. We appreciate his recognition that a private company ‘cannot resolve differences between governments.'”
Finance Minister Bill Morneau said during a Wednesday press conference that he is prepared to protect the Trans Mountain oil pipeline expansion to the west coast against financial loss.
While appreciating the backing from Ottawa, Kinder Morgan remained cool to the offer.
“We remain steadfast in our previously stated principles: clarity on the path forward,” said Kean, “particularly with respect to the ability to construct through British Columbia, and ensuring adequate protection of our KML shareholders.”
While discussions are ongoing, Kinder Morgan has stated that it will not negotiate in public, and remains firm on the May 31 deadline.
“The May 31st deadline for these discussions is necessitated by approaching construction windows,” states Kean, “the time required to mobilize contractors, and the need to commit significant new materials orders, among many other imperatives associated with such a large project.”