“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. NDP leader, and now Premier, John Horgan speak to media after announcing they'll be working together to help form a minority government during a press conference at Legislature in Victoria, on May 29, 2017. Ottawa stepped in to save the troubled project today but finding someone to eventually take it over won't be easy. Comments may take up to an hour for moderation before appearing on the site. Photo by Sean Kilpatrick/The Canadian Press, tap here to see other videos from our team. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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. Nov. 10, 2011: The State Department says TransCanada must reroute Keystone XL to avoid an ecologically sensitive region of Nebraska. “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. A map of the proposed expansion of the Trans Mountain pipeline. “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. Trudeau defended his government's decision to buy the Trans Mountain pipeline Saturday at two family-focused events on Vancouver Island. It could carry 830,000 barrels of oil each day. tanker is anchored in Burrard Inlet just outside of Burnaby. 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. Opposition emerges in Nebraska. Jan. 29, 2015: The U.S. Senate approves a bill to build Keystone XL, but the White House says Obama would veto it. The Canadian Energy Pipeline Association (CEPA), whose 2019 members included Alliance … The main pipeline that feeds oil to British Columbia is seen at the Kinder Morgan Trans Mountain facility in Edmonton. 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). Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. A welcome email is on its way. 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. oil sands) per day from Canada… 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. China needs oil. December 2011: U.S. legislators pass a bill with a provision saying then-U.S. President Barack Obama must make a decision on the pipeline's future in the next 60 days. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. There was an error, please provide a valid email address. Nov. 8, 2016: Trump is elected president. The next issue of Top Stories Newsletter will soon be in your inbox. Biden indicates plans to cancel Keystone XL pipeline permit on 1st day in office, sources confirm, CBC's Journalistic Standards and Practices. Comments are welcome while open. 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. “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. 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. The federal government announced a deal with Houston-based Kinder Morgan Inc. to purchase the existing Trans Mountain pipeline between Alberta and British Columbia, as well as the expansion project to twin the pipeline, before markets opened Tuesday and Finance Minister Bill Morneau said Ottawa did not intend to be a long-term owner. Alberta Premier Rachel Notley has been a tireless advocate for the completion of the Trans Mountain pipeline expansion. With the agreement reached Tuesday, the company announced construction would resume and would be funded by the Canadian government. Obama said TransCanada was free to submit another application. 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. This is not subject to presidential permission, since it did not cross an international border. 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. Indeed, TC Energy is up almost 30% in the last 12 months overall and trades almost 40% higher than its 52-week low. NDP government’s continued opposition. Green party leader Andrew Weaver and B.C. “We think this is a great day not only for our company but also for Canada and we’re happy to be participating in it,” Kinder Morgan CEO Steve Kean said in a conference call announcing the sale of Trans Mountain pipeline system and its expansion project. He also asked Ottawa to provide financial assurances the company wouldn’t lose money building the $7.4 billion expansion to the system given the B.C. 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. June-July 2010: Opposition to Keystone XL begins mounting in the United States. Nov. 4, 2015: The U.S. government rejects that request. May 4, 2012: TransCanada files a new application with the State Department for the northern part of Keystone XL. 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. Nov. 14, 2011: TransCanada agrees to reroute the line. Dave Heineman approves TransCanada's proposed new route for Keystone XL, sending the project back to the State Department for review. “We will be paid the $4.5 billion even if a third party buyer is not found,” Kinder Morgan’s Kean said Tuesday. Please note that CBC does not endorse the opinions expressed in comments. Bloomer cautioned however that Ottawa’s purchase of the project would send a negative signal to investors. Visit our Community Guidelines for more information and details on how to adjust your email settings. Canada is also the fourth largest producer of crude oil in the world. 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. CALGARY — The Canadian federal government will likely have a difficult time selling the Trans Mountain pipeline system it purchased for $4.5-billion on Tuesday until it can show the risks to the project have been reduced. 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]. August-September 2011: Protesters stage a two-week campaign of civil disobedience at the White House to speak out against Keystone XL. 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. CALGARY — The Canadian federal government will likely have a difficult time selling the Trans Mountain pipeline system it purchased for $4.5-billion on Tuesday until it … Photo by Chad Hipolito /The Canadian Press. May 18, 2020: Biden, then the presumptive Democratic presidential nominee, vows to scrap Keystone XL if elected, but doesn't set out a timeline for doing so. 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. The Trans Mountain Pipeline System, or simply the Trans Mountain Pipeline, is a pipeline that carries crude and refined oil from Alberta to the coast of British Columbia, Canada. Premier following a non-confidence vote that overthrows Christy Clark's minority government. 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. But Obama adopts an increasingly negative tone. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. Other analysts, however, believe the deal does reduce the risks inherent in the project. Jan. 22, 2013: Then-Nebraska Gov. April 7, 2020: Construction begins, despite calls from Indigenous groups and environmentalists to pause their efforts. Nova and TransCanada Merge. Please try again. Morneau also indicated that the federal government didn’t want to own the Trans Mountain system long-term and would work with Kinder Morgan to identify a third-party buyer. Jan. 31, 2014: The State Department says in a report that Keystone XL would produce fewer greenhouse gas emissions than transporting oil to the Gulf of Mexico by rail. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. “The project has always been in the national interest.”. Jan. 18, 2012: Obama rejects Keystone, saying the timeline imposed by the December bill did not leave enough time to review the new route. The company also files a lawsuit in U.S. Federal Court in Texas arguing that Obama exceeded his powers by denying construction of the project. Nov. 4, 2014: TransCanada says the costs of Keystone XL have grown to $8 billion US from $5.4 billion US. Canada buys Kinder Morgan's Trans Mountain pipeline for $4.5 billion — but can we sell it? John Horgan becomes B.C. Photo by Sean Kilpatrick /The Canadian Press. This pipeline – which transports oil … Nebraska said it would appeal. Nov. 6, 2015: The Obama administration rejects TransCanada's application to build the Keystone XL pipeline. Nov. 9, 2018: A U.S. federal judge blocks the pipeline's construction to allow more time to study the potential environmental impact. In a separate event, Finance Minister Bill Morneau and Natural Resources Minister Jim Carr announced the federal government would use loan guarantees to ensure construction continues throughout the year. • Email: gmorgan@nationalpost.com | Twitter: geoffreymorgan. Finance Minister Bill Morneau and Natural Resources Minister James Carr speak at the press conference in Ottawa announcing the Trans Mountain deal. Nov. 3, 2020: Biden is elected president. “This is a dangerous precedent.”Construction of that project, which was proposed more than a decade ago, began last year after Canada’s federal government stepped in to buy … 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. Comments on this story are moderated according to our Submission Guidelines. This advertisement has not loaded yet, but your article continues below. These are nation-building infrastructure projects that create good jobs for Canadians, and will provide access to growing international markets to ensure Canada can … Key Pipelines for Canada. He also signs an order requiring American pipelines to be built with U.S. steel. April 18, 2014: The State Department suspends the regulatory process indefinitely, citing uncertainty about the court case in Nebraska. Canada’s Pembina Pipeline Corp has agreed to buy smaller rival Kinder Morgan Canada and the U.S. portion of the Cochin pipeline for $4.35 billion, bulking up its storage resources in Canada. Canada’s government is also expanding the state-owned Trans Mountain line by 590,000 bpd to 890,000 bpd. Prime Minister Justin Trudeau announces the the approval of Kinder Morgan's proposal to triple the capacity of its Trans Mountain pipeline. The head of Canada’s pipeline industry group expressed similar concerns. She said the deal announced before markets opened Tuesday would also provide a boost to the Canadian energy industry – both for producing companies and the outlook for domestic crude oil prices. Photo by Jonathan Hayward/The Canadian Press. In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. Yet, in 2018 Canada spent $19.4 billion to import close to 600,000 barrels per day of foreign oil. 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. March 2011: The State Department announces a further delay in its environmental assessment. Canada needs revenue and jobs. 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. If you don't see it please check your junk folder. Sept. 26, 2011: At a demonstration on Parliament Hill, police arrest 117 of 400 protesters. 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. premier Christy Clark was a supporter of the Trans Mountain expansion. 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 29, 2019: Trump issues a new presidential permit in an effort to speed up development of the pipeline. 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 Trans Mountain pipeline was extended with the route taking it through Jasper National Park and Robson Provincial Park. June 30, 2015: TransCanada writes to then-secretary of state John Kerry and other U.S. officials saying the State Department should include recent climate change policy announcements by the Alberta and federal governments in its review of Keystone XL. 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. Legislators write to then-secretary of state Hillary Clinton calling for greater environmental oversight; scientists begin speaking out against the project; the Environmental Protection Agency questions the need for the pipeline extension. Legislators write … We ask you to keep your comments relevant and respectful. A protester stands on top of a trailer outside the main gates of Kinder Morgan in Burnaby. Jan. 9, 2015: At the Nebraska Supreme Court, by the narrowest of margins, a panel of seven judges strikes down the lower-court decision. 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