The Trans Mountain Expansion Project is in Canada’s national interest. It means thousands of good, well-paying jobs for hard-working Canadians. The kind of jobs that strengthen and grow the middle class. This is a country where it is possible to protect the environment and grow the economy at the same time. The Trans Mountain Expansion Project was approved by both the federal government and the province of British Columbia, following the most rigorous process and environmental assessment in Canadian history. It was approved, and now it needs to be built. Today, we are announcing that the Government of Canada has reached an agreement with Kinder Morgan that will get the Trans Mountain Expansion built, guarantee the summer construction season, and protect up to 15,000 good, well-paying jobs – including 9,000 jobs in British Columbia. In addition, the Government of Canada has reached an agreement with Kinder Morgan Inc. to purchase the company’s Trans Mountain Expansion Project and related pipeline and terminal assets for $4.5 billion.
We are able to pursue this project with confidence, because we know that we are upholding the trust Canadians have placed in us to both grow our economy and protect our environment. This investment represents a fair price for Canadians and for shareholders of the company. The core assets required to build the Trans Mountain Expansion Project have significant commercial value, and this transaction represents a sound investment opportunity. Construction can proceed under the agreement reached between Canada and Kinder Morgan. It is not, however, the intention of the Government of Canada to be long-term owners of this project. Canada will work with investors to transfer the project and related assets to a new owner – or owners – in a way that ensures the project’s construction and operation will proceed in a manner that protects the public interest. Make no mistake, this is an investment in Canada’s future.