🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

UPDATE 1-Kinder Morgan Canada denied expedited appeal for oil pipeline

Published 2017-11-07, 02:11 p/m
© Reuters.  UPDATE 1-Kinder Morgan Canada denied expedited appeal for oil pipeline
CL
-
KMI
-
KML
-

CALGARY, Alberta, Nov 7 (Reuters) - Canada's National Energy Board (NEB) will take until at least Dec. 4 to review Kinder Morgan Canada Ltd 's KML.TO appeal over its Trans Mountain oil pipeline expansion, the regulator said on Tuesday, rejecting the company's proposed "expedited" timeline.

The company, a unit of Houston-based Kinder Morgan Inc (NYSE:KMI) KMI.N , last month asked the regulator to intervene after it said it was unable to obtain permits from the city of Burnaby, British Columbia. has long opposed the expansion over environmental concerns, and the lack of permits from the city adds to the hurdles facing the C$7.4 billion ($5.9 billion) expansion, as North American energy projects face increasing opposition from activists.

Kinder Morgan Canada declined to comment, although in previous regulatory filings it said such cases could result in delays for the expansion, which is scheduled to go online December 2019.

In a statement on Tuesday, the NEB said it will hear cross-examinations on affidavits on Nov. 29 and oral summaries on Dec. 4, without saying when it will make a decision.

Kinder Morgan had asked for the case to involve only written submissions to the board, and for that process to conclude by Nov. 10. The company had noted a related case was resolved in a month.

Canadian oil producers, whose landlocked product trades at a discount to the West Texas Intermediate benchmark CLc1 , say they need additional pipeline capacity to fetch better prices.

The proposed expansion of the Trans Mountain pipeline from Canada's oil-rich Alberta province would nearly triple its capacity to 890,000 barrels per day and significantly increase crude tanker traffic off the west coast. and fellow crude-producing province Saskatchewan have since joined Kinder Morgan in its appeal, while British Columbia has joined on the side of Burnaby.

Saskatchewan Premier Brad Wall on Monday rejected Burnaby's request that the province's attorney general retract his accusation that the city is purposely denying the permits.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Kinder Morgan Canada appeals to regulator after permit failure

Alberta govt wants to join Trans Mountain court battle

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.