CALGARY, May 16, 2018 /CNW/ - Kinder Morgan Canada Limited (TSX: KML) Chairman and Chief Executive Officer Steve Kean issued the following statement in response to Federal Finance Minister Bill Morneau's press conference earlier today:
"We acknowledge the comments by Minister Morneau this morning and appreciate his acknowledgment of the uncertainty created by the BC Government's stated intentions to 'do whatever it takes to stop the Trans Mountain Expansion Project' and the 'exceptional political risk' this federally and provincially-approved project continues to face. We appreciate his recognition that a private company 'cannot resolve differences between governments.'
We remain steadfast in our previously stated principles: clarity on the path forward, particularly with respect to the ability to construct through British Columbia, and ensuring adequate protection of our KML shareholders. We take very seriously our commitment to the Canadian families, workers and retirees who have invested in this company.
While discussions are ongoing, we are not yet in alignment and will not negotiate in public. As we have stated, the May 31st deadline for these discussions is necessitated by approaching construction windows, the time required to mobilize contractors, and the need to commit significant new materials orders, among many other imperatives associated with such a large project."
About Kinder Morgan Canada Limited (TSX: KML). KML manages and is the holder of a minority interest in a portfolio of strategic energy infrastructure assets across Western Canada. The Trans Mountain Pipeline system, with connections to 20 incoming pipelines and current transportation capacity of approximately 300,000 barrels per day (based on throughput of 80 percent light oil and refined products and 20 percent heavy oil), is the only Canadian crude oil and refined products export pipeline with North American West Coast tidewater access. In Alberta, KML has one of the largest integrated networks of crude tank storage and rail terminals in Western Canada and the largest merchant terminal storage facility in the Edmonton market. KML also operates the largest origination crude by rail loading facility in North America. In British Columbia, KML controls the largest mineral concentrate export/import facility on the west coast of North America through its Vancouver Wharves Terminal. Through its Puget Sound pipeline system, KML ships crude oil to refineries in Washington state and its Cochin Pipeline system transports light condensate originating from the United States to Fort Saskatchewan, Alberta. For more information please visit www.kindermorgancanadalimited.com.
Important Information Relating to Forward-Looking Statements
This news release includes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (forward-looking statements). Forward-looking statements in this news release include statements, express or implied, concerning, without limitation: consultations with various stakeholders in an effort to reach agreements that may allow the Project to proceed, and the time period over which such consultations would occur; KML's intention not to commit additional shareholder resources to the Project under the current circumstances; the level of uncertainty as to whether the Project could be finished; and the impacts of political risk, governmental and regulatory actions and judicial decisions on the Project. Forward-looking statements are not guarantees of performance or certain outcomes, and future actions, conditions or events may differ materially from those expressed in forward-looking statements provided in this news release. Forward-looking statements involve significant risks, uncertainties and assumptions, many of which are beyond the ability of KML to control or predict. Among other things, specific factors that could cause actual results to differ from those indicated in the forward-looking statements provided in this news release include, without limitation: the willingness and ability of Project stakeholders to work with KML in a timely manner and reach agreements that would allow the Project to proceed; and judicial decisions as well as changes in the political environment, governmental or third party support and regulatory actions relating to the Project.
The foregoing list should not be construed to be exhaustive. In addition to the foregoing, important additional information respecting the material assumptions, expectations and risks applicable to the forward-looking statements included in this news release are set out in KML's annual report on Form 10-K dated February 20, 2018 under the headings "Information Regarding Forward-Looking Statements" and "Risk Factors," and in KML's management's discussion and analysis of financial condition and results of operations for the year ended December 31, 2017 under the heading "Outlook," each available under KML's profile on SEDAR at www.sedar.com and filed with the United States Securities and Exchange Commission and available at www.sec.gov. Shareholders and prospective investors are urged to review and carefully consider such information prior to making any investment decision in respect of KML's restricted voting shares or other securities. The risk factors applicable to KML could cause actual results to vary materially from those contained in any forward-looking statements. KML disclaims any obligation, other than as required by applicable law, to update the forward-looking statements included in this news release.
SOURCE Kinder Morgan Canada Limited
For further information: Media Relations: (855) 908-9734, (604) 908-9734; Investor Relations: (800) 315-0578, firstname.lastname@example.org, www.kindermorgancanadalimited.com
Kinder Morgan Canada Limited (KML) owns an interest in or operates an integrated network of pipeline systems and terminal facilities in Canada. KML's two business segments include Pipelines and Terminals. The Pipelines business unit is composed of the Trans Mountain pipeline system (including the Westridge Marine terminal), the Canadian portion of the Cochin pipeline system, the Puget Sound...