"We're now losing as much as $15 to $30 billion a year of Canadian wealth by virtue of the fact that we don't have access to markets and this was part of a very complicated deal that would put carbon pricing in place in Alberta in exchange for takeaway access ..."
The company's announcement ramped up the fight over the contentious project, which has pit the federal government and the landlocked province of Alberta against BC.
"This deal - and this pipeline - will unlock investment in our oilsands because we're now on the path to getting full value for our energy resources". "We do not believe that this outcome will instill investor confidence in Canada". "In this case we have all of that", said Berman, who was cleared of aiding and abetting protesters at the Clayoquot blockade and is now an adjunct professor of environmental studies at York University in Toronto.
The $4.5-billion purchase price does not cover the construction costs of building the new pipeline, however; Morneau refused to say what that cost may be.
"We have agreed to a fair price for our shareholders and we have found a way forward for this national interest project", Steven Kean, the CEO of both Kinder Morgan and its Canadian subsidiary, said on a conference call with journalists and analysts. "This project is never going to be built". "Furthermore, the federal government has emphasized that they do not plan to be long-term owners and are committed to seeking another buyer for the pipeline".
Opponents of the pipeline are concerned about the risk of oil spills from tankers along Canada's pristine Pacific coast impacting fisheries and tourism. Oil companies are paying tolls every day to ship down the existing pipe.More news: Rizzo’s slide not dirty, it was illegal
Horgan, for his part, said the change in ownership does not change his party's stance on the pipeline, nor his concerns with the project.
Several First Nations have alleged in court that Trudeau's approval of the project was not legal since the government failed in its constitutional duty to consult them. It will also own a terminal in Vancouver and the Cochin Pipeline system, which transports light condensate from the United States to Fort Saskatchewan, just northeast of Edmonton.
Manuel is preparing for a battle this week, as she expects the federal government will manage to greenlight the project.
Ottawa approved the project in 2016 after an environmental review, saying it was in the "national interest".
Mike Hudema, a climate and energy campaigner at Greenpeace Canada, said the government "has just signed up to captain the Titanic of tar sands oil pipelines, putting it on a collision course with its commitments to indigenous rights and the Paris climate agreement".
"What's key is that this pipeline be built, and operated safely and responsibly". Morneau declined to say what the government's ultimate financial outlay would be. "We're going to continue to stand with our allies that support our Indigenous rights and change the story of Canada, that Canada is no longer a country that disregards Indigenous rights".
Opposition to the government's proposal comes also from fiscal conservatives, who question the logic behind what they describe as a government bailout.