HOUSTON --(BUSINESS WIRE)--
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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