Posted on 03/04/2015 1:24:00 PM PST by shove_it
Kinder Morgan (KMI -0.6%) wants to drill through Burnaby Mountain in British Columbia to reach an oil-loading ship terminal, but WSJ reports that it is facing more challenges than the mountain itself, as it also is battling resistance from Vancouver officials and protestors opposed to fossil fuel development.
Burnaby Mountain has become a symbolic battlefield in a much larger debate about energy resources in North America, opponents and supporters of the pipeline plan say.
Canadian oil producers are counting on KMI’s $4.3B proposal to triple the capacity of the existing Trans Mountain pipeline, which connects Alberta’s oil sands to a Pacific coast terminal, as the fate of the Keystone XL pipeline remains in limbo.
More than a dozen oil companies have binding deals for up to 20 years with the pipeline, including Exxon (NYSE:XOM) affiliate Imperial Oil (NYSEMKT:IMO), Cenovus Energy (NYSE:CVE) and Canadian Natural Resources (NYSE:CNQ), who view the project as a vital link to new markets in Asia.
(Excerpt) Read more at seekingalpha.com ...
Canada ping
The greenies had to get their maps out to find out where Burnaby Mountain was so they could be against it.
Here’s a link to the WSJ articled cited in the SA article:
http://www.wsj.com/articles/kinder-morgans-pipeline-plan-hits-mountain-1425430657
No more; the Senate failed to override Obama's veto. It fell short by just four votes.
Just damm.
Not over, the previous “review” remains ongoing by the State Department. I suspect it will remain under review, then get approved Jan 21, 2017.
True, and many Pubbies want to attach it to other appropriation bills funding other departments and agencies. However, the White House says that is unacceptable and will fight for "clean" bills. Boehner and McConnell will say "yesir" and cave like they did yesterday on the DHS funding.
What I don't understand is why they don't construct the northern portion from Cushing to North Dakota and leave the Canadian portion for later. There is plenty of oil leaving the Balken by rail car that likely could be sent by the pipeline.
Time to do that. They can leave the border crossing mile undone...
Because you don't spend billions of dollars on a pipeline that cannot operate. You cannot get permits for construction without the ability to build the entire line.
Common carries are DOT regulated for price of transportation. To get the permits to build the line they have an open season where companies make agreements to supply oil for transport if the line is built. Those agreements are from Alberta.
Remember, TransCanada is not an oil company. They don't own the oil. They move the oil owned by others, operating somewhat like a rail line.
Thank you, thackney. Very informative. I follow Kinder Morgan news regardless of being a know-nothing. :) Thanks!
Canada Ping!
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