Kinder Morgan: Canada gov't approves Trans Mountain Expansion Project
Kinder Morgan announced that the Government of Canada has granted approval for the Trans Mountain Expansion Project in a landmark decision that affirms both the strength of the project and the rigor of the review process it has undergone. The Trans Mountain Expansion Project is an opportunity for Canada to access world markets for its resources by building on an existing pipeline system. The C$6.8B expansion will result in direct and lasting benefits, including C$46.7B in taxes and royalties for governments, more than 800,000 person years of employment over the life of the project and enabling producers to capture an additional C$73.5B in revenues. This final federal approval triggers a number of next steps. Trans Mountain will continue to seek all necessary permits, and is planning to begin construction in September 2017, with an in-service date for the twinned pipeline expected in late 2019. Other next steps will include a final cost estimate review with shippers committed to the Project and a final investment decision by the Kinder Morgan Board of Directors.