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.
“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.