Huge move.
If this were the Harper government, there wouldn't even be a pipeline.
Liberal government to buy Trans Mountain pipeline for $4.5B
The Liberal government will buy the Trans Mountain pipeline and infrastructure related to the expansion project for $4.5 billion.
Finance Minister Bill Morneau is announcing details of the agreement reached with Kinder Morgan at a news conference with Natural Resources Minister Jim Carr at the National Press Theatre in Ottawa, and CBCNews.ca is carrying it live now.
"Make no mistake, this is an investment in Canada's future," Morneau said.
He said the government does not intend to be a long-term owner, and at the appropriate time, the government will work with investors to transfer the project and related assets to a new owner or owners. Investors such as Indigenous groups and pension funds have already expressed interest, he said.
Until then, it will proceed under the ownership of a Crown corporation. The agreement is expected to close in August.
Morneau said the project is in the national interest, and proceeding will preserve jobs, reassure investors and get resources to world markets.
Carr said the plan does not sacrifice the environment for the economic benefits.
"Canadians want both and we can have both," he said.
Liberal government to buy Trans Mountain pipeline for $4.5B | CBC News
If this were the Harper government, there wouldn't even be a pipeline.
Liberal government to buy Trans Mountain pipeline for $4.5B
The Liberal government will buy the Trans Mountain pipeline and infrastructure related to the expansion project for $4.5 billion.
Finance Minister Bill Morneau is announcing details of the agreement reached with Kinder Morgan at a news conference with Natural Resources Minister Jim Carr at the National Press Theatre in Ottawa, and CBCNews.ca is carrying it live now.
"Make no mistake, this is an investment in Canada's future," Morneau said.
He said the government does not intend to be a long-term owner, and at the appropriate time, the government will work with investors to transfer the project and related assets to a new owner or owners. Investors such as Indigenous groups and pension funds have already expressed interest, he said.
Until then, it will proceed under the ownership of a Crown corporation. The agreement is expected to close in August.
Morneau said the project is in the national interest, and proceeding will preserve jobs, reassure investors and get resources to world markets.
Carr said the plan does not sacrifice the environment for the economic benefits.
"Canadians want both and we can have both," he said.
Liberal government to buy Trans Mountain pipeline for $4.5B | CBC News
