Kinder Morgan CEO ‘appreciates’ Ottawa’s offer to backstop pipeline delay costs

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The CEO of Kinder Morgan Canada Ltd. maintains he «appreciates» an announcement by Finance Minister Bill Morneau that the authority will compensate investors in the proposed Trans Mountain pipeline dilation if «unnecessary delays» cause costs to rise.

Morneau says the guidance is willing to «provide indemnity» to any investors, be they the project’s original architects or else, to ensure the controversial Alberta-B.C. project is able to proceed.

«We acknowledge the observations by Minister Morneau this morning and appreciate his acknowledgement of the uncertainty generated by the B.C. Government’s stated intentions to ‘do whatever it takes to stop the Trans Mountain Swelling Project’ and the ‘exceptional political risk’ this federally and provincially-approved forward continues to face. We appreciate his recognition that a private company ‘cannot liquefy into differences between governments,'» CEO Steven Kean said in a belittle deleted statement.

«We remain steadfast in our previously stated principles: clarity on the walkway forward, particularly with respect to the ability to construct through British Columbia, and effecting adequate protection of our KML shareholders.» 

‘Will not negotiate in public’

«While arguments are ongoing, we are not yet in alignment and will not negotiate in public,» Kean said. «As we would rather stated, the May 31st deadline for these discussions is necessitated by approaching construction windows, the speedily required to mobilize contractors, and the need to commit significant new materials arranges, among many other imperatives associated with such a in general project.»

Kean offered no further comment during his remarks and dwindled to talk to reporters after his company’s first annual general confluence since being spun off by U.S.-based Kinder Morgan Inc. to hold most of its Canadian assets a year ago.

Closing month, the company said it would stop all non-essential spending on the growth project to triple the amount of oil flowing from Alberta to the West Sea-coast, which Alberta says is critical to reduce discounts on its product due in the long run to pipeline bottlenecks.

Kean reiterated that construction won’t be restarted unless there are adequate assurances by the end of this month that it can proceed.

Outside the meeting in downtown Calgary, round 50 vocal pipeline supporters armed with signs and mottoes assembled on the sidewalk, chanting as passing cars honked their horns.

Picketers Mike Owens and Derek B. Cooper say they were unimpressed with Morneau’s proclamation, adding it offers further proof that the Liberal government has done too undersized to make sure the pipeline wins approval.

Picket organizer James Robson of the Canada Clash Coalition says the government shouldn’t have to offer money to prosper sure an approved pipeline will be built.

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