🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Canada to boost oil spill response ahead of pipeline decision

Published 2016-11-07, 04:06 p/m
© Reuters.  Canada to boost oil spill response ahead of pipeline decision
CL
-
KMI
-

By Catherine Ngai

VANCOUVER, Nov 7 (Reuters) - Canada's Liberal government on Monday vowed to toughen its response to oil spills at sea, a move some environmentalists said was a clear signal Ottawa will approve a hotly-contested pipeline from Alberta's oil sands to the Pacific Coast.

As part of a marine safety plan to protect oceans, Prime Minister Justin Trudeau said Ottawa would invest in better response measures and research into how to clean up oil spills.

Trudeau said in a statement that the plan, set to cost C$1.5 billion ($1.1 billion) over five years, "will make Canada a world-leader in marine safety."

The government has until Dec. 19 to decide whether to allow Kinder Morgan Inc (NYSE:KMI) KMI.N to twin the Trans Mountain pipeline, a project that is opposed by environmentalists, who are concerned about the impact of developing Alberta's oil sands, and aboriginal activists who feel they were not consulted fairly.

Canada's energy industry, which is already struggling with high unemployment and low prices, as well as the government of Alberta are pressuring Ottawa to approve the project.

"Today's announcement ... is the strongest signal yet that the Liberal Government is trying to create a context that would justify their approval of the Kinder Morgan pipeline," the Stand.earth environmental group said in a statement.

Trans Mountain runs from Alberta to the Pacific province of British Columbia, where the local government has laid down five conditions which must be met before it allows pipelines to be built on its territory.

One of the demands is that the federal government upgrade its ability to tackle oil spills.

The expanded pipeline would primarily carry heavy crude oil, the bulk of which would be loaded onto tankers at Kinder Morgan's Vancouver marine terminal.

($1 = 1.3367 Canadian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.