The expansion project would significantly increase the amount of bitumen that is shipped on the line. "There are fundamental challenges to that project that he well knows", Horgan said. We are losing $15 billion a year because we are trapped to the American market. Canada has the world's third-largest oil reserves but 99 percent of its exports now go to refiners in the USA, where limits on pipeline and refinery capacity mean Canadian oil sells at a discount. That's why we're moving forward with this pipeline, which went through a rigorous assessment process.
He said investors need certainty in order to back a project that the government has repeatedly insisted is in the national interest, but steadfastly refused to say what sort of dollar figures are now on the table.
"We continue to work very, very hard, both visibly and behind the scenes", Trudeau said to reporters.
But Morneau said the federal government had jurisdiction and was confident enough to put money on the table.
"People may be split in some parts of Canada about this pipeline", says Berman.
Morneau said discussions with Alberta Premier Rachael Notley are ongoing. "We believe it's in the best interest of Canada and Canadians to get this project built".
"The federal government have shown they are willing to withhold money to other provinces when they don't play ball, and British Columbia isn't playing ball", Robson said, adding it's time Ottawa takes "tangible action" against B.C. The firm's quarterly revenue was down.2% on a year-over-year basis. equities analysts forecast that Kinder Morgan will post 0.87 EPS for the current year.
Morneau blamed British Columbia Premier John Horgan for delaying the project while making clear Ottawa would not cover losses caused by environmental and aboriginal opponents.
He says that if the company decides to walk away from the project, then another company will be given the same level of protection.
Finance Minister Bill Morneau announced earlier Wednesday the government is willing to "provide indemnity" to any investors, be they the project's original architects or otherwise, to ensure the controversial Alberta-B.C. project is built.
"It's important for Canada that investors are able to develop the vital infrastructure needed to get Canadian resources to global markets".
"This pipeline that Kinder Morgan now has, the Trans Mountain pipeline, has been there since 1953, so we see that the twinning of that pipeline is one of the most effective ways to get our resources to market responsibly", he said.
Kinder Morgan's shareholders attended a meeting in Calgary on Wednesday and pipeline supporters rallied outside the Metropolitan Conference Centre where the meeting was held.
The official, who spoke to CBC News on condition of anonymity, said there is "a lot to lose right now". Kinder Morgan, the Texas based company behind the project, has set a May 31 deadline for a resolution to the dispute or it will withdraw from the project. "This definitely does not help us recover where we need to be to be able to support our workers and their families".
Kinder Morgan (NYSE:KMI) last released its quarterly earnings data on Wednesday, April 18th.
The federal finance minister also repeated predictions, circulating in the national capital of Ottawa, that other companies would be willing to take over the project.
"We appreciate [Morneau's] recognition that a private company 'cannot resolve differences between governments'". Whether the company would allow a rival to take charge of the expansion is unclear.
"Just as significant to Canada as the positive economic and environmental benefits of this project is the negative message we send to the world if we can not get the project built", said Hon.