The CEO of Pembina Pipeline Corp. says the company needs more certainty over timing, regulations and costs related to the Trans Mountain expansion project before deciding whether to make an offer for an equity stake in the pipeline.
Workers lay pipe during construction of the Trans Mountain pipeline expansion on farmland, in Abbotsford, B.C., on Wednesday, May 3, 2023. The CEO of Pembina Pipeline Corp. says the company needs a resolution of uncertainties surrounding the Trans Mountain expansion project before deciding whether to make an offer for an equity stake in the pipeline. THE CANADIAN PRESS/Darryl Dyck
Ottawa bought the Trans Mountain pipeline, Canada's only pipeline system that transports oil from Alberta to the west coast, in 2018 to ensure a planned expansion would be completed after previous owner Kinder Morgan Canada Inc. threatened to scrap the project. Phase 2 will involve the consideration of commercial offers for the remaining stake in the pipeline, but Burrows said the timing of that is unclear.
“Pembina, like any other prudent commercial purchaser, requires the many outstanding issues related to the project to crystallize in order to prudently and appropriately assess the opportunity and determine next steps.” In addition, Trans Mountain is currently negotiating with oil companies the pipeline tolls - fees oil shippers pay to move oil on the pipeline. Those tolls are the way the pipeline earns revenue, and will have a direct impact on the amount a prospective buyer is willing to pay.
This week, the Canada Energy Regulator issued a temporary stop-work order on the project due to what it said was Trans Mountain's environmental non-compliance related to a wetland near Abbotsford, B.C.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pembina Pipeline needs Trans Mountain certainty before considering an offer, says CEOThe sale of Trans Mountain Pipe Line Co. Ltd. is expected to be one of the largest commercial transactions in Canadian history, but there is some uncertainty around what the present value of the pipeline actually is
Read more »
One-woman show in Toronto traces the life journey of trans actress Sandra CaldwellSandra Caldwell's autobiographical solo show, “The Guide to Being Fabulous,” is now playing at Soulpepper Theatre Company.
Read more »
China Energy Storage Push Gets Boost From New Gravity ProjectsA US company that stores energy by elevating heavy objects is expanding its pipeline in China with five new projects to help provide around-the-clock clean power.
Read more »
RCMP cited Standing Rock protests as 'evidence' to create controversial B.C. unitPolice use a water cannon on protesters during a protest against plans to pass the Dakota Access pipeline near the Standing Rock Indian Reservation, near Cannon Ball, North Dakota, U.S. November 20, 2016. REUTERS/Stephanie Keith - D1BEUOBKNBAA
Read more »
RCMP watchdog concerned with delays in B.C. C-IRG probeProtesters in solidarity with the Wet'suwet'en hereditary chiefs opposed to the LNG pipeline in northern British Columbia block an Ottawa intersection outside the Prime Minister's office Wednesday, Feb. 12, 2020.
Read more »
All Justin Trudeau needs is a little luck and a time machineThe small inner circle of veteran Trudeau operatives seems to be showing signs of exhaustion from years of managing potential disaster, and this time, they made it worse
Read more »