Deals
Canada Buys Kinder Trans Mountain Pipeline for $3.5 Billion
- Deal includes expansion, related pipeline and terminal assets
- Trudeau pledges conduit will be built, seeks new buyer
Trans Mountain Pipeline Expansion in National Interest, Trudeau Says
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Canada will buy Kinder Morgan Canada Ltd.’s Trans Mountain oil pipeline and its controversial expansion project for C$4.5 billion ($3.5 billion) in a bid to ensure it gets built amid fierce opposition.
“It must be built and it will be built,” Finance Minister Bill Morneau said in Ottawa, as he and Natural Resources Minister Jim Carr unveiled the deal, which includes the expansion, related pipeline and terminal assets, and is expected to close in August. Construction will continue through the 2018 season and the federal government will sell it to one or more new owners when “appropriate.”