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Trudeau stands by TransMountain as IPO is set to go

Company insists it will proceed despite a possible NDP-Green government in B.C.
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File photo of twinning of a previous section of the Trans Mountain pipeline near Jasper. (Kinder Morgan Canada photo)

Prime Minister Justin Trudeau is standing by the Kinder Morgan pipeline project, even as the New Democrats and Greens in B.C. are teaming up to fight it.

B次元官网网址淭he decision we took on the Trans Mountain pipeline was based on facts and evidence on what is in the best interests of Canadians and indeed, all of Canada,B次元官网网址 Trudeau said Tuesday in Rome, where he held a joint news conference with Italian Prime Minister Paolo Gentiloni.

B次元官网网址淩egardless of the change in government in British Columbia or anywhere, the facts and evidence do not change,B次元官网网址 he said.

Trudeau said his Liberal government understands that growing a strong economy requires taking leadership on both the environment and the economy.

B次元官网网址淭hat is what drives us in the choices we make,B次元官网网址 he said.

B次元官网网址淲e stand by those choices.B次元官网网址

His comments come as the anti-pipeline Green Party and NDP in British Columbia announced Monday theyB次元官网网址檝e come to an agreement that could cast doubt on the projectB次元官网网址檚 future.

The leaders of the two parties say theyB次元官网网址檝e reached a deal that could see the formation of a minority NDP government in the province.

Both have voiced their opposition to the Trans Mountain expansion, which would see the pipeline running from Edmonton to Burnaby nearly triple its capacity.

Kinder Morgan is expected to proceed Tuesday with its initial public offering for the expansion.

Dave Conover, a spokesman for the Houston-based energy company, said in an email that the share listing will go ahead on the Toronto Stock Exchange.

ConoverB次元官网网址檚 confirmation came shortly after the leaders of the B.C. Greens and NDP said they came to a deal that could see the formation of a minority NDP government in the province.

Both parties have voiced their opposition to the Trans Mountain expansion, which would see the capacity of a pipeline running from Edmonton to Burnaby, B.C., nearly triple its capacity to 890,000 barrels of oil per day.

In a press conference Monday, Green Party Leader Andrew Weaver said heB次元官网网址檚 been heavily invested in the Kinder Morgan pipeline issue, and that it was an important part of negotiating terms with the NDP that will be released tomorrow.

B次元官网网址淭his issue of Kinder Morgan was one that was critical to us and I think youB次元官网网址檒l see that reflected in tomorrowB次元官网网址檚 announcement,B次元官网网址 said Weaver.

The IPO is intended to raise $1.75 billion to help fund the $7.4-billion Trans Mountain expansion.

Kinder Morgan has put up 102.9 million shares on offer at $17 each 芒鈧珺次元官网网址 down from $19 to $21 it had initially sought 芒鈧珺次元官网网址 which will leave it with control of about 70 per cent of the Canadian entity.

The offering would be the largest on the Toronto Stock Exchange since Hydro OneB次元官网网址檚 $1.83-billion listing in 2015, with only insurers Sun Life Financial and Manulife Financial having bigger debuts.

The listing, set to trade under the symbol KML, comes as opponents ramped up their campaign against the Trans Mountain expansion Monday.

The Tsleil-Waututh Nation sent out warnings to potential investors about the legal risks the project faces, while Stand.earth challenged the accuracy of the IPO documents and the Wilderness Committee launched a website to track construction of and protests against the pipeline.

Greenpeace, which earlier made its own challenge of Kinder MorganB次元官网网址檚 IPO filing, said in a statement Monday that the B.C. Green-NDP co-operation is an unprecedented opportunity to stop Kinder MorganB次元官网网址檚 expansion project.





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