Canada Dreams of Oil Exports to Asia, but California Beckons
The nationalization of a crude oil export pipeline in western Canada has buoyed long-standing hopes for crude exports to markets beyond the United States - but the most likely destination for much of that oil is California. Faced with declining production from Latin America and rising prices for higher-grade crudes from the Middle East…
Canada to Buy Kinder Morgan's Trans Mountain Pipeline
The Canadian government said on Tuesday it will buy Kinder Morgan Canada Ltd's Trans Mountain pipeline project for C$4.5 billion but does not intend to be the long-term owner of the project, which has faced fierce environmental opposition.Canada will also offer federal loan guarantees to ensure construction continues through the 2018 season as part of the deal with the com
Canada Government to Give Briefing on Pipeline Expansion Aid
The Canadian government will give a 9 am ET (1300 GMT) briefing on Tuesday on how it has decided to aid a Kinder Morgan Canada Ltd crude oil pipeline project, an official said. Ottawa says it is prepared to financially backstop the planned expansion of the company's Trans Mountain pipeline, which has run into fierce opposition. Reporting by David Ljunggren
Canada Ready to Cover Kinder Morgan Loss
Canada is prepared to cover some losses Kinder Morgan Canada Ltd might suffer if a proposed oil pipeline expansion is delayed and thinks other investors are ready to step in if need be, Finance Minister Bill Morneau said on Wednesday. The company has given Ottawa a deadline of May 31 to provide assurances…
Canada Govt Ready to Indemnify Kinder Morgan Pipeline Project
The Canadian government is prepared to financially shield Kinder Morgan Canada Ltd's proposed Trans Mountain pipeline expansion against unnecessary delays that are politically motivated, Finance Minister Bill Morneau said on Wednesday.Morneau also told a news conference that if Kinder Morgan decided to walk away from the project…
Canada Moves Crude One Truckload at a Time
At an Alberta oil loading terminal, a convoy of big rigs are gearing up to haul Canadian crude oil hundreds of miles through bone dry fields across the U.S. border into Montana, where the oil will be transferred to pipelines and rail cars headed south and west. Trucks loaded with crude are an increasingly common sight at the border.
Trudeau's Political Troubles Boil as Pipeline Surprise Weighs
Canada's government got just 24 hours notice that it would be thrust into a political and economic crisis by an ultimatum from a pipeline operator, government sources said, leaving Prime Minister Justin Trudeau scrambling for options in a dispute that could damage his re-election chances. The Kinder…
Investors Back Kinder Morgan Canada's Trans Mountain Move
Kinder Morgan Canada shareholders on Tuesday backed the pipeline operator's decision to pause most work on its Trans Mountain expansion as a way to force the Canadian government to give final approval for the project.The company said on Sunday it would scrap plans to nearly triple the capacity of its existing Trans Mountain pipeline…
Canada Cabinet to Discuss Troubled Kinder Morgan Pipeline
Prime Minister Justin Trudeau will meet on Tuesday with his cabinet ministers to discuss Kinder Morgan Canada Ltd's threat to walk away from a troubled pipeline expansion as various levels of government signal interest in spending public funds to ensure the project proceeds. The company, losing patience…
Kinder Morgan Canada: No Dividend Cuts Despite Trans Mountain Suspension
Kinder Morgan Canada said on Monday its dividend payouts would not be affected by the suspension of works on C$7.4 billion ($5.8 billion) oil pipeline expansion. Chief executive Steve Kean said on Sunday he would scrap plans to nearly triple the capacity of the Trans Mountain pipeline, unless legal challenges are resolved by May 31.
Kinder Morgan Halts Most Work on Disputed Canada Pipeline
Kinder Morgan Canada on Sunday suspended most work on a C$7.4 billion ($5.8 billion) oil pipeline expansion that has become the focus of protests, a move underscoring uncertainty over major energy projects in Canada. Company Chairman Steve Kean said he would scrap plans to nearly triple the capacity of the Trans Mountain pipeline…
Canadian Railways in 'catch-22' over Crude Shipments
Canadian railway operators see a lucrative opportunity to transport more crude oil to the United States as a rise in output force producers to find new routes to its southern neighbor. However, their need for long-term contracts and the pressure to move a surplus of grains in the country is making it hard to cash-in on the prospect.
Canada Pipeline Feud Hits B.C. Wine Purchases
Canada's oil-rich province of Alberta struck back at neighboring British Columbia on Tuesday, halting purchases of that province's wines in retaliation for its potentially holding up expansion of a crude pipeline. British Columbia proposed rules last week to temporarily block increased oil shipments through the province…
Canadian City to Argue Trans Mountain Oil Pipeline Route Harmful
The proposed route of Kinder Morgan Canada's Trans Mountain pipeline expansion through the west coast Canadian city of Burnaby will damage parks, harm sensitive ecosystems and impact critical infrastructure, the city will argue on Tuesday. The Vancouver suburb will present its case over three days to the Canadian energy regulator…
Kinder Morgan Canada Posts Higher Quarterly Profit
Kinder Morgan Canada Ltd is still pursuing a "primarily permiting" strategy on its Trans Mountain pipeline expansion, the company said, and also reported a rise in fourth-quarter profit on Wednesday. Kinder Morgan Canada reported a net income of C$46.4 million ($37.3 million) for the fourth quarter ended Dec. 31, up from C$17.8 million for the same period last year.
Canada Oil Producers Fill Pipelines, Railroads
Canadian oil producers are running out of options to get crude to market as pipeline and rail capacity fills up, driving prices to four-year lows and increasing the risk of firms having to sell cheaply until at least late 2019. This will drive down the profit margins for the oil sands industry, already struggling to compete with cheaper and abundant supplies from U.S.
Kinder Morgan Canada Shares Surge after Pipeline Permit Ruling
Shares in Kinder Morgan Canada Ltd rose as much as 9.5 percent to a four-month high early on Friday, after a favorable ruling by the country's energy regulator on its Trans Mountain pipeline expansion boosted prospects of the contentious project. Late on Thursday, Canada's National Energy Board said…
Kinder Morgan wins Trans Mountain Appeal
Canada's energy regulator ruled on Thursday in favor of Kinder Morgan Canada Ltd's appeal to sidestep some municipal permits for its Trans Mountain pipeline expansion, a major victory for the C$7.4 billion ($5.8 billion) project. The ruling, which came just three days after the regulator heard the case…
Kinder Morgan: Pipeline Expansion Delays Possible
Kinder Morgan Canada Ltd said on Monday the start-up of its Trans Mountain pipeline expansion could be delayed past September 2020 if it is unable to get more clarity around permitting and the judicial process by early next year. The company's appeal to Canada's energy regulator over municipal permits for the C$7.4 billion ($5.8 billion) expansion was heard on Monday.
Canada Supports Kinder Morgan's Trans Mountain Appeal
Canada's federal government said on Wednesday it supports Kinder Morgan Canada Ltd's second appeal to the country’s energy regulator over local permits for its planned Trans Mountain oil pipeline expansion project. Natural Resources Minister Jim Carr said in a statement his government has told the National…
