Morneau told the crowd of 550 that his goal is to hold on to Trans Mountain for a "short time" after buying it from Kinder Morgan for $4.5 billion, with the sale expected to be completed by the end of August.
Federal finance minister Bill Morneau announced Tuesday his government's plan to spend $4.5 billion to buy the existing Trans Mountain pipeline, which carries diluted bitumen from Alberta to Burnaby. Canada possesses the world's third largest oil reserves, but 99 percent of its oil exports are sold in the U.S.
Amid the feuding, the pipeline has become a barometer for foreign investments in Canada, with some warning of a spillover into other sectors of the economy.
The province has committed to invest up to $2 billion in the Kinder Morgan project to backstop any risk and cover potential cost overruns, and that investment would be payable only once the taps have been turned on.
"It's an agreement that we believe will deliver a real return on investment for the benefit of British Columbians, Albertans and all Canadians". "It seems today that with this announcement and the federal government getting involved is they recognize how important natural resource development is for all of Canada - not just for the provinces where the projects are occurring".
Ottawa has the constitutional authority to build interprovincial projects like pipelines, but Premier John Horgan has gone to court to get a judge to weigh in on whether B.C.'s jurisdiction for the environment would allow him to regulate what flows through the pipeline.
Indigenous leaders, who have been at the forefront of a grassroots campaign against the Trans Mountain project, have vowed that the pipeline "will never be built".
Green Party MP Elizabeth May, representing Saanich-Gulf Islands, and Victoria NDP MP Murray Rankin both panned the federal move.
Canada approved the project in November 2016, following an expanded environmental review process that included additional consultations with Indigenous communities and assessing the amount of additional emissions likely to result from additional production. "There are a lot of jobs in Saskatchewan that are either directly affected by the pipeline or indirectly affected by the pipeline".
Kinley says the plan to purchase and expand the pipeline should cause some Canadians to ask "interesting questions" about the Trudeau government's commitment to climate change mitigation.
That said, if it takes federal ownership to construct a project that Kinder Morgan was unable to do, that may be sign of a broader failure in Canada - not a win. "It polarized us. That is not who we are", Carr told the news conference.
For those opposed to the pipeline twinning, including Indigenous leaders and environmentalists, the bailout probably came as a "big surprise, if not a shock", he said. A new Crown corporation will be created to manage the project. That's right Canada; you are now the proud owners of a 65 year old pipeline, and a $7.4 billion project that the private sector deems too risky to continue to pursue.
Premier Rachel Notley isn't ruling out Alberta becoming a long-term investor in the Trans Mountain pipeline expansion. "And when you look at where they might get the money to pay for that, and we don't know yet exactly whether they're just going to add to the deficit?"
- Rockets look to close out Warriors without Paul
- Ramos: petition for Salah tussle punishment draws 350,000
- Aleksandar Mitrovic hints at Fulham stay after return to Premier League
- Solo: A Star Wars Story Gets Disappointing Opening Day
- White House Lawyer Joins Secret Briefings About FBI Informant
- Harvey Weinstein accusers Rose McGowan and Asia Argento react to his arrest
- NFL Will Fine Players Who Kneel In Protest During National Anthem
- Parkland Parents Condemn Video Game That Lets You Play As School Shooter
- Monaco GP 'wasn't really racing' - Hamilton - Monaco Grand Prix 2018
- Egypt star Salah to travel to Spain for treatment