Canada: Federal government to finance Trans Mountain Pipeline project
Ottawa, May 16 (IBNS): The federal government is ready to finance the much-awaited Trans Mountain Pipeline project, media reports said.
Finance Minister Bill Morneau has laid out several principles to build the project.
Morneau has been quoted by CTV News, "If Kinder Morgan isn’t interested in building the project we think plenty of investors would be interested in taking on this project, especially knowing that the federal government believes it is in the best interest of Canadians and is willing to provide indemnity to make sure that it gets done."
The federal government is talking with Kinder Morgan, the builder of the project.
Exactly a month ago, Trudeau had said the federal government will undertake financial and also the legislative actions to ensure the building of the pipeline, media reports said.
Trudeau had said: "I have instructed the minister of finance to initiate formal financial discussions with Kinder Morgan, the result of which will be to remove the uncertainty overhanging the Trans Mountain pipeline expansion project."
"I have also informed premiers Notley and Horgan today that we are actively pursuing legislative options that will assert and reinforce the government of Canada's jurisdiction in this matter which we know we clearly have.."
The project was reportedly approved by the federal government in 2016.
(Reporting by Suman Das)
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