An oil company lying?
This is absurd.
John Ivison: On Trans Mountain, Morneau has called Kinder Morgan's bluff
When it comes to spending public money, governments are generally more emptor than caveat.
So who can blame Kinder Morgan for trying to upsell Ottawa on the Trans Mountain pipeline? Simply put, Justin Trudeau needs it more than does Richard Kinder, who didn’t become the richest man in Houston by missing an opportunity to sell into a buyer’s market.
In a three-hour meeting in Texas last week, Steve Kean, Kinder Morgan’s CEO, is said to have played hardball with Canadian finance minister Bill Morneau.
The conclusion Morneau and his advisers reached is that Kinder Morgan is trying to back the federal government into a corner so they can sell Trans Mountain to Ottawa for a price well above its market value.
This explains Morneau’s announcement Wednesday morning that the federal government will backstop the project with a full indemnity from losses that are “politically motivated” — which means that if the pipeline’s operator loses money because B.C. Premier John Horgan’s actions create opposition to its construction, Ottawa will give them that money back. (It’s not clear what might happen with losses stemming from Indigenous protests. Are they “politically motivated?”)
Crucially, Morneau said that if Kinder Morgan still isn’t satisfied, the feds will make that indemnity transferable to others who might be willing to take on the project.
“We think plenty of investors would be interested in taking on this project, especially knowing that the federal government believes it is in the best interests of Canadians and is willing to provide indemnity to make sure it gets built,” he said.
John Ivison: On Trans Mountain, Morneau has called Kinder Morgan’s bluff | National Post
This is absurd.
John Ivison: On Trans Mountain, Morneau has called Kinder Morgan's bluff
When it comes to spending public money, governments are generally more emptor than caveat.
So who can blame Kinder Morgan for trying to upsell Ottawa on the Trans Mountain pipeline? Simply put, Justin Trudeau needs it more than does Richard Kinder, who didn’t become the richest man in Houston by missing an opportunity to sell into a buyer’s market.
In a three-hour meeting in Texas last week, Steve Kean, Kinder Morgan’s CEO, is said to have played hardball with Canadian finance minister Bill Morneau.
The conclusion Morneau and his advisers reached is that Kinder Morgan is trying to back the federal government into a corner so they can sell Trans Mountain to Ottawa for a price well above its market value.
This explains Morneau’s announcement Wednesday morning that the federal government will backstop the project with a full indemnity from losses that are “politically motivated” — which means that if the pipeline’s operator loses money because B.C. Premier John Horgan’s actions create opposition to its construction, Ottawa will give them that money back. (It’s not clear what might happen with losses stemming from Indigenous protests. Are they “politically motivated?”)
Crucially, Morneau said that if Kinder Morgan still isn’t satisfied, the feds will make that indemnity transferable to others who might be willing to take on the project.
“We think plenty of investors would be interested in taking on this project, especially knowing that the federal government believes it is in the best interests of Canadians and is willing to provide indemnity to make sure it gets built,” he said.
John Ivison: On Trans Mountain, Morneau has called Kinder Morgan’s bluff | National Post
