Successful Financing for Trans Mountain Expansion Profit Triggers Project Investments in Safety, Environment & Jobs
Kinder Morgan Canada Limited (TSX: KML) today welcomed the completion of its IPO and with that, the finalizing of the investment decision on the Trans Mountain Expansion Project.
“This is an exciting day for our customers for communities and for the many individuals who are relying on this Project to deliver jobs and economic benefits to their communities,” said Ian Anderson, President of Kinder Morgan Canada Limited. “This securing of financing for the Project demonstrates the need for and interest in the opportunity for Canada to have better access to world markets.”
The final investment decision to proceed with the Trans Mountain Expansion Project triggers a number of important next steps including the finalizing of construction contracts and the actualization of the financial, employment and safety benefits the company has committed to through more than five years of engagement and consultation.
“We have been talking about the benefits of the Project for more than five years. Today, we can begin to deliver these benefits by awarding substantial contracts, delivering thousands of middle class jobs to Canadians and by moving forward with our agreements with Aboriginal communities,” added Anderson.
The final investment decision means that investments in safety, jobs, the environment and communities will commence including:
The $7.4 billion expansion project will result in direct and lasting economic benefits to Canada and communities along the pipeline corridor, including the equivalent of 15,000 jobs per year during construction. Overall, the Conference Board of Canada estimates the Project will 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.
Construction is set to begin in September 2017 and the Project is expected to be placed in-service by the end of 2019.
About Kinder Morgan, Inc. (KMI)
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. It owns an interest in or operates approximately 84,000 miles of pipelines and 155 terminals. KMI’s pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and its terminals transload and store petroleum products, ethanol and chemicals, and handle such products as steel, coal and petroleum coke. It is also a leading producer of CO2 that we and others use for enhanced oil recovery projects primarily in the Permian basin. For more information please visit www.kindermorgan.com.www.kindermorgan.com
About Kinder Morgan Canada Limited (KML)
Kinder Morgan Canada Limited will operate the Business, comprised of a number of pipeline systems and terminal facilities including the Trans Mountain pipeline, the Cochin pipeline, the Puget Sound and Trans Mountain Jet Fuel pipelines, the Westridge marine and Vancouver Wharves terminals in British Columbia as well as various crude oil loading facilities in Edmonton, Alberta.
The Trans Mountain pipeline currently transports approximately 300,000 barrels per day (bpd) of crude oil and refined petroleum products from the oil sands in Alberta to Vancouver, British Columbia and Washington state. On Nov. 29, 2016, the Government of Canada granted approval for the $7.4 billion Trans Mountain Expansion Project, to increase the nominal capacity of the system to 890,000 bpd. The expanded pipeline is expected to be completed in 2019.
SOURCE: Kinder Morgan Inc
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