Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

British Columbia says will bar Trans Mountain work until consultations done

Published 08/10/2017, 02:49 PM
© Reuters. FILE PHOTO: A crude oil storage tank at Kinder Morgan's Trans Mountain Pipeline terminal is seen in Kamloops
KMI
-

CALGARY, Alberta (Reuters) - The government of British Columbia will not allow Kinder Morgan Canada Ltd to begin work on public land for its Trans Mountain pipeline expansion until it "meaningfully" consults aboriginal communities, the Canadian province's environment minister said on Thursday.

Minister George Heyman told reporters in Vancouver that the government will seek intervener status in court cases against federal approval of the project. Heyman said the company needs to meet standards laid out by Canadian law, without specifying the benchmark for consultation to which Kinder Morgan would be held.

"We know with the federal government's approval of this project, the path forward will be challenging, but we are committed to stepping up and fighting for B.C's interests," he said. "We will continue to explore every tool possible."

Kinder Morgan Canada did not immediately respond to a request for comment.

Shares in Kinder Morgan Canada fell as much as 5.7 percent shortly after the minister's comments, while shares in Houston-based parent Kinder Morgan Inc (NYSE:KMI) dropped as much as 2.0 percent.

The prospect of Kinder Morgan Canada's project has become more uncertain since the Green Party-backed alliance came to power in British Columbia in June and vowed to use "every tool" to fight the expansion.

The project would almost triple the capacity of the current Trans Mountain pipeline to the west coast. Canadian crude producers, whose landlocked product trades at a discount, say they need the expansion to access new markets and command better prices.

The expansion has federal approval, but faces opposition from British Columbia's ruling left-leaning New Democratic Party (NDP) and the environmentalist Green Party that props it up.

© Reuters. FILE PHOTO: A crude oil storage tank at Kinder Morgan's Trans Mountain Pipeline terminal is seen in Kamloops

The parties, who together form a legislative majority, ousted the pro-business Liberal government in June after a cliffhanger election in May.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.