Trans Mountain Receives Final Federal Approval of Expansion
November 29 2016 - 4:59PM
Business Wire
Company Advancing Project for the Benefit of
Canadians
Kinder Morgan, Inc. (NYSE: KMI) today 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.
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“This is a defining moment for our project and Canada’s energy
industry,” said Ian Anderson, president, Kinder Morgan Canada.
“This decision follows many years of engagement and the
presentation of the very best scientific, technical and economic
information. We are excited to move forward and get this project
built, for the benefit of our customers, communities and all
Canadians.”
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 $6.8 billion CAD expansion will
result in direct and lasting benefits, including $46.7 billion 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 $73.5 billion 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.
“This project has evolved substantially as a result of the
scrutiny it has undergone and the input received from communities,
Indigenous and Metis groups, and individuals. No voice has gone
unheard, and we thank everyone who has helped make this Project
better,” added Anderson. “We have approval from the NEB with 157
Conditions that we’re committed to meeting. We’ve seen all levels
of government coming together to address issues raised over the
course of our review, including newly announced enhancements to
Canada’s marine safety regime, provincial and federal climate
change strategies, and deeper consultations with Aboriginal
communities. In today’s announcement the Federal Government commits
to implementing the Recovery Plan for the Southern Resident Killer
Whale and the establishment and funding for an Indigenous advisory
and monitoring committee. Taken together, we’re confident we will
build and operate this project in a way that respects the values
and priorities of Canadians.”
About Trans Mountain Expansion
Project
In 2012, Kinder Morgan Canada announced it would move forward
with its proposed plans to expand the existing Trans Mountain
Pipeline system – between Edmonton, Alberta and Burnaby, British
Columbia – following strong commitments received from its
customers. The Conference Board of Canada found the project is
expected to generate $46.7 billion in government revenues and
802,000 person years of employment, the equivalent of 40,000 jobs
each year, over more than 20 years. For more than 60 years, the
1,150-km Trans Mountain pipeline system has been safely and
efficiently providing the only West Coast access for Canadian oil
products. For more information, please visit
www.transmountain.com.
About Kinder Morgan
Kinder Morgan, Inc. (NYSE: KMI) is the largest energy
infrastructure company in America. It owns an interest in or
operates approximately 84,000 miles of pipelines and approximately
180 terminals. The company’s pipelines transport natural gas,
gasoline, crude oil, CO2 and other products, and its terminals
store and handle petroleum products, chemicals and other products.
For more information please visit www.kindermorgan.com.
Important Information Relating to
Forward-Looking Statements
This news release includes forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995 and Section 21E of the Securities and Exchange Act of 1934.
Generally the words “expects,” “believes,” anticipates,” “plans,”
“will,” “shall,” “estimates,” and similar expressions identify
forward-looking statements, which are generally not historical in
nature. Forward-looking statements are subject to risks and
uncertainties and are based on the beliefs and assumptions of
management, based on information currently available to them.
Although Kinder Morgan believes that these forward-looking
statements are based on reasonable assumptions, it can give no
assurance that any such forward-looking statements will
materialize. Important factors that could cause actual results to
differ materially from those expressed in or implied from these
forward-looking statements include the risks and uncertainties
described in Kinder Morgan’s reports filed with the Securities and
Exchange Commission (SEC), including its Annual Report on Form 10-K
for the year-ended December 31, 2015 (under the headings “Risk
Factors” and “Information Regarding Forward-Looking Statements” and
elsewhere) and its subsequent reports, which are available through
the SEC’s EDGAR system at www.sec.gov and on our website at
ir.kindermorgan.com. Forward-looking statements speak only as of
the date they were made, and except to the extent required by law,
Kinder Morgan undertakes no obligation to update any
forward-looking statement because of new information, future events
or other factors. Because of these risks and uncertainties, readers
should not place undue reliance on these forward-looking
statements.
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Trans MountainMedia RelationsAli Hounsell, (713)
369-9490media@transmountain.comwww.transmountain.comorKinder
Morgan, Inc.Investor Relations(855)
908-9734km_ir@kindermorgan.comwww.kindermorgan.com
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