Bill Morneau answers questions in Ottawa about the federal government's plan to purchase the Trans Mountain pipeline project. https://www.fool.com/investing/5-top-pipeline-stocks-to-buy-now.aspx Nov. 4, 2015: The U.S. government rejects that request. premier Christy Clark was a supporter of the Trans Mountain expansion. May 26, 2016: Republican presidential contender Donald Trump says he would approve Keystone XL if elected, a pledge he repeats several times during the campaign. Only Saudi Arabia and Venezuela have more oil. Feb. 19, 2014: A Nebraska judge rules that the law that allowed the governor to approve Keystone XL over the objections of landowners was unconstitutional. Photo by Sean Kilpatrick/The Canadian Press, tap here to see other videos from our team. Box 500 Station A Toronto, ON Canada, M5W 1E6. With the agreement reached Tuesday, the company announced construction would resume and would be funded by the Canadian government. April 18, 2014: The State Department suspends the regulatory process indefinitely, citing uncertainty about the court case in Nebraska. March 31, 2020: Alberta agrees to invest $1.5 billion in Keystone XL, followed by a $6 billion loan guarantee in 2021. Nov. 8, 2016: Trump is elected president. November-December 2014: Midterm elections turn control of the U.S. Congress over to Republicans, who say they'll make acceptance of Keystone XL a top priority. John Horgan becomes B.C. Trans Mountain pipeline was extended with the route taking it through Jasper National Park and Robson Provincial Park. Jan. 22, 2013: Then-Nebraska Gov. Dave Heineman approves TransCanada's proposed new route for Keystone XL, sending the project back to the State Department for review. Canada-based TC Energy first proposed the 1,200 mile Keystone XL pipeline in 2008 as a way to quickly pump 830,000 barrels of tar sands (a.k.a. The Canadian Energy Pipeline Association (CEPA), whose 2019 members included Alliance … Photo by Jonathan Hayward/The Canadian Press. If you don't see it please check your junk folder. Audience Relations, CBC P.O. Demonstrators sit in front of a transport truck attempting to deliver heavy equipment to Kinder Morgan as others block a gate at the company's property in Burnaby, B.C., on March 19. Kat Roivas, who is opposed to the expansion of the Kinder Morgan Trans Mountain pipeline, stands at an access gate at the company's property near an area where work is taking place, in Burnaby April 9, 2018. There was an error, please provide a valid email address. Legislators write … Unauthorized distribution, transmission or republication strictly prohibited. Canada in touch with Biden admin about disputed oil pipeline By ROB GILLIES January 20, 2021 GMT Canadian Prime Minister Justin Trudeau speaks during a news conference outside Rideau cottage in Ottawa, Ontario, Tuesday, Jan. 19, 2021. We reserve the right to close comments at any time. Since 1962, the original Line 3 has operated with an average annual capacity of 390,000 bpd to 760,000 bpd, although aging has taken its toll on the amount of liquids it can transport. By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. China'Watch'Canada Keeping an eye on Communist, Totalitarian China, and its influence both globally, and we as Canadians. Pseudonyms will no longer be permitted. Here is a look back at the history of the controversial project: July 2008: TC Energy — then called TransCanada — and ConocoPhillips, joint owners of the Keystone pipeline, propose a major extension to the network. January 2013: Pipeline opponents file a lawsuit against the Nebraska government claiming the state law used to review the new route is unconstitutional. April 7, 2020: Construction begins, despite calls from Indigenous groups and environmentalists to pause their efforts. “Our Canadian employees and contractors have worked very hard to advance the project to this critical stage, and they will now resume work in executing this important Canadian project,” Kean said in a release. Please note that CBC does not endorse the opinions expressed in comments. July 2010: The State Department extends its review of Keystone, saying federal agencies need more time to weigh in before a final environmental impact assessment can be released. The head of Canada’s pipeline industry group expressed similar concerns. This pipeline – which transports oil from Alberta’s tar sands to the western coast of British Columbia – is at the centre of a bitter political war that shows no signs of abating. August-September 2011: Protesters stage a two-week campaign of civil disobedience at the White House to speak out against Keystone XL. B.C. April 18, 2012: TransCanada submits a new route to officials in Nebraska for approval. Nov. 6, 2015: The Obama administration rejects TransCanada's application to build the Keystone XL pipeline. June-July 2010: Opposition to Keystone XL begins mounting in the United States. Nova and TransCanada Merge. Enbridge is currently spending $5.9 billion to replace the Canadian part of its Line 3 pipeline, one of the main pipelines transporting crude from Canada into the U.S. March 29, 2019: Trump issues a new presidential permit in an effort to speed up development of the pipeline. This is not subject to presidential permission, since it did not cross an international border. It could carry 830,000 barrels of oil each day. In a research note, he said that Calgary-based pipeline giants Enbridge Inc. and TransCanada Corp. would be likely buyers if they “were able to secure sufficient security from the government.”, Until that time, and until the court challenges to the project are resolved, Galison said, “I don’t believe it does increase certainty.”. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. Although Vancouver-area financial professional Guy Lapierre likens the global economy at present to a precarious stack of Jenga blocks, he is also sure to point out “there are still opportunities in any given market”. “The project has always been in the national interest.”. Photo by Chad Hipolito /The Canadian Press. “Canadian equities have been beat down relative to their U.S. peers and certainty around takeaway capacity will be helpful in getting fair value for Canadian crude oil as well as Canadian companies,” Forrest said. 2009: As the U.S. State Department wades through comments based on an environmental assessment of the project, TransCanada starts visiting landowners potentially affected by the pipeline. Photo by Jason Franson /The Canadian Press. This advertisement has not loaded yet, but your article continues below. Canada’s government announced yesterday it was planning to purchase the Trans Mountain pipeline for $4.5bn. The Line 3 Replacement Pipeline project aims to update and expand a near 60-year old pipeline which to-date has transported massive amounts of crude oil between Canada and the U.S. June-July 2010: Opposition to Keystone XL begins mounting in the United States. Canada’s government is also expanding the state-owned Trans Mountain line by 590,000 bpd to 890,000 bpd. Canada’s government announced yesterday it was planning to purchase the Trans Mountain pipeline for $4.5bn. Did you know that Canada ranks third in the world for proven oil reserves? Jan. 29, 2015: The U.S. Senate approves a bill to build Keystone XL, but the White House says Obama would veto it. Finance Minister Bill Morneau and Natural Resources Minister James Carr speak at the press conference in Ottawa announcing the Trans Mountain deal. One of Joe Biden's first actions once he becomes U.S. president Wednesday will be to slam the door yet again on Canada's politically fraught Keystone XL pipeline expansion, transition documents suggest. Comments may take up to an hour for moderation before appearing on the site. In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. PI Financial’s Guy Lapierre picks two Canadian pipeline stocks to buy. The expansion, dubbed Keystone XL, would carry hundreds of thousands of barrels of oilsands bitumen from Alberta to Texas. The next issue of Top Stories Newsletter will soon be in your inbox. This is an investment in Canada’s future,” Morneau said. “Those guarantees are still going to be required in my opinion,” said Canaccord Genuity analyst David Galison, who added that British Columbia’s opposition to the project would continue to pose a threat to its construction. Jan. 24, 2017: Trump signs an executive order that he says approves Keystone XL, but suggests the U.S. intends to renegotiate the terms of the project. The Westridge Marine Terminal was built in Burnaby 1957. The pipeline is currently owned by the Government of Canada through Trans Mountain Corporation, a subsidiary of the federal Crown corporation Canada Development Investment Corporation (CDEV). March 2011: The State Department announces a further delay in its environmental assessment. Nov. 9, 2018: A U.S. federal judge blocks the pipeline's construction to allow more time to study the potential environmental impact. Social Sharing Prime Minister Justin Trudeau announces the the approval of Kinder Morgan's proposal to triple the capacity of its Trans Mountain pipeline. Photo by Sean Kilpatrick /The Canadian Press. We encountered an issue signing you up. I have come to the opinion that we are rarely privy to truth regarding the real goal, the agenda of Red China, and it's implications for Canada [and North America as a whole]. Nov. 10, 2011: The State Department says TransCanada must reroute Keystone XL to avoid an ecologically sensitive region of Nebraska. Nov. 4, 2014: TransCanada says the costs of Keystone XL have grown to $8 billion US from $5.4 billion US. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. “We do not believe that this outcome will instil investor confidence in Canada,” Canadian Energy Pipeline Association president and CEO Chris Bloomer said in a release, in which he added that he was pleased the project would be built. Comments on this story are moderated according to our Submission Guidelines. Pembina Pipeline Corp. says the Canadian Competition Bureau has signed off on its $4.3-billion deal to buy Kinder Morgan Canada Ltd. and the U.S. portion of the Cochin pipeline system. Their pipelines are full and one has a new polypropylene plant coming on line. tanker is anchored in Burrard Inlet just outside of Burnaby. Then B.C. Morneau went out of his way Tuesday to describe how the pipeline and expansion project had value for Canadians and would provide a boost to the Canadian economy. Nov. 3, 2020: Biden is elected president. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. “They have 10 to 20 years of firm commitment for shipments so from an investors perspective, there aren’t too many projects like this that can provide that type of certainty in terms of cash flow over that period,” said ARC Energy Research Institute senior director Jackie Forrest. Obama said TransCanada was free to submit another application. The president’s decision to revoke a permit for the pipeline that would carry Canadian crude to the U.S. likely spells the end of a saga spanning more than 12 years. Introducing 5 FP Newsletters: Energy, Economy, Investor, Work and Finance, Financial Post: Introducing 5 Newsletters. From the TransMountain pipeline to Coastal GasLink and Keystone XL, here's everything you need to know about pipelines in Canada to make sense of the news Other analysts believe that the Trans Mountain expansion project, if it could be built, is capable of delivering value for the owner. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Shares in Kinder Morgan Canada Ltd. jumped 2.5 per cent on the Toronto Stock Exchange as the market opened on Tuesday morning, reaching $17 per share on the news that its Houston-based parent company had struck an agreement with Ottawa. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Ottawa is betting big on a politically divisive pipeline project, spending $4.5-billion to buy the Trans Mountain expansion from Kinder Morgan. Read more about cookies here. When he arrived at his Calgary office last Nov. 11 after unveiling a plan to split Nova Corp.'s pipeline and petrochemical operations into separate companies, CEO Ted Newall received an urgent message from his counterpart at TransCanada PipeLines Ltd. "Ted, I think you've just solved both our problems," George Watson said when Newall returned the call. Aug. 26, 2011: The State Department releases its final environmental assessment, which reiterates that the pipeline would have a limited environmental impact. Feb. 27, 2012: TransCanada says it will build the southern leg of Keystone XL, from Cushing, Okla., to the Gulf Coast, as a separate project with a price tag of $2.3 billion. Biden indicates plans to cancel Keystone XL pipeline permit on 1st day in office, sources confirm, CBC's Journalistic Standards and Practices. Other analysts, however, believe the deal does reduce the risks inherent in the project. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. Canada is also the fourth largest producer of crude oil in the world. TransCanada CEO Russ Girling says he is disappointed, but continues to believe the project is in the best interests of both Canada and the U.S. Jan. 6, 2016: TransCanada files notice to launch a claim under Chapter 11 of the North American Free Trade Agreement, alleging the U.S. government breached its legal commitments under NAFTA. “CEPA is deeply concerned that the government needed to purchase the project for it to be built and to assert federal jurisdiction,” Bloomer said. We ask you to keep your comments relevant and respectful. June 2009: TransCanada announces it will buy ConocoPhillips's stake in Keystone. CleanTechnica contributor Michael Ballard published a well researched analysis of the economics behind Canada’s decision this month to buy the Trans Mountain pipeline … © 2021 Financial Post, a division of Postmedia Network Inc. All rights reserved. The main pipeline that feeds oil to British Columbia is seen at the Kinder Morgan Trans Mountain facility in Edmonton. These are nation-building infrastructure projects that create good jobs for Canadians, and will provide access to growing international markets to ensure Canada can … Yet, in 2018 Canada spent $19.4 billion to import close to 600,000 barrels per day of foreign oil. Indeed, TC Energy is up almost 30% in the last 12 months overall and trades almost 40% higher than its 52-week low. It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. Nov. 2, 2015: TransCanada asks the U.S. government to temporarily suspend its application. Currently, three major oil pipeline projects are proposed or underway in Canada. “I’d say the deal is a slight positive as it helps reduce balance sheet leverage and removes this significant project execution overhang,” St. Louis-based Edward Jones analyst Jen Rowland said in an email. The Liberal government will buy the Trans Mountain pipeline and related infrastructure for $4.5 billion, and could spend billions more to build the controversial expansion. NDP government’s continued opposition. Premier following a non-confidence vote that overthrows Christy Clark's minority government. Economy, Investor, Work and Finance, Financial Post: introducing 5 FP Newsletters Energy... Story are moderated according to our Terms of Service and Privacy Policy analysts however! Announces it will buy ConocoPhillips 's stake in Keystone company also files a lawsuit in U.S. federal judge blocks pipeline... 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