CALGARY, Jan. 18, 2018 /CNW/ - Kinder Morgan Canada Limited (TSX: KML) is pleased with the National Energy Board's (NEB) decision today setting down a generic process to hear any future motions as they relate to provincial and municipal permitting issues.
"Provision of a process that is open, fair and provides certainty for all parties is good news and is an important component of the assurances we need for the successful execution of the Trans Mountain Expansion Project," said Ian Anderson, President of Kinder Morgan Canada Limited.
Kinder Morgan is committed to continuing to work with local authorities in good faith and will be reviewing the decision in more detail.
The NEB and the Government of Canada considered timing and schedule in their determinations that the Project is in the public's interest. Timely execution of the Project is necessary for Trans Mountain to provide the needed transportation capacity to access global oil markets and maximize related economic benefits to all Canadians including local, regional and Aboriginal communities.
About Kinder Morgan Canada Limited
Kinder Morgan Canada Limited operates a business, comprising a number of pipeline systems and terminal facilities including the Trans Mountain pipeline, the Canadian portion of the Cochin pipeline, the Trans Mountain Puget Sound pipeline, Trans Mountain Jet Fuel pipeline, the Westridge Marine and Vancouver Wharves terminals in British Columbia as well as various crude oil loading facilities in Edmonton, Alberta. The Trans Mountain pipeline currently transports approximately 300,000 barrels per day (bpd) of crude oil and refined petroleum products from the oil sands in Alberta to Vancouver, British Columbia and Washington state. On November 29, 2016, the Government of Canada granted approval for the $7.4 billion Trans Mountain Expansion Project, to increase the nominal capacity of the system to 890,000 bpd.
Advisory Regarding Forward-Looking Statements
This document contains certain forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities legislation that are based on the Company's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "plans", "expects", "proposes", "projects", "will", "estimates", "anticipates", "develop", "could" and similar expressions suggesting future events or future performance. In particular, this news release contains forward-looking statements and information relating to the planned use of proceeds, size of and timing for the offering, the anticipated closing date, the anticipated rights, privileges, restrictions and conditions attaching to the Series 3 Preferred Shares and Series 4 Preferred Shares, and the anticipated dividends and timing thereof.
Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions. Any forward-looking statements provided in this news release have been included for the purpose of providing information relating to management's current expectations and plans for the future, are based on a number of significant assumptions and may not be appropriate, and should not be used, for any other purpose. Future actions, conditions or events may differ materially from those expressed in forward-looking statements. Many of the factors that will determine these results, including the ability of the Company to pay dividends, are beyond the ability of the Company to control or predict. As noted above, the forward-looking statements included in this news release are based on a number of material assumptions, including among others those highlighted, or inherent in the factors highlighted below. 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: changes in market conditions and the competitive landscape relating to the Company's business (the "Business"); issues, delays or stoppages associated with major expansion projects, including the Trans Mountain Expansion Project and the Base Line Terminal project; changes in public opinion or public or government opposition to the Business' major expansion projects; the resolution of issues relating to the concerns of individuals, special interest or Aboriginal groups, governmental organizations, non-governmental organizations and other third parties that may expose the Business to higher project or operating costs, project delays or even project cancellations; changes in the level or nature of support from the federal government and various provincial governments (including the Alberta and British Columbia provincial governments), municipal governments and/or applicable regulators (including the National Energy Board and the British Columbia Utilities Commission) and specifically, opposition to the Trans Mountain Expansion Project by the British Columbia provincial government and municipal governments therein, changes in the regulatory environment applicable to the Business, significant unanticipated cost overruns or required capital expenditures; the breakdown or failure of equipment, pipelines and facilities, releases or spills, operational disruptions or service interruptions; the ability of the Company and/or the Business to access sufficient external sources of financing, and the cost of such financing; and certain other risks detailed from time to time in the Company's public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in the Company's short form base shelf prospectus dated July 28, 2017, and under the heading "Risk Factors" in the Company's final long form prospectus dated May 25, 2017, both of which can be found at www.sedar.com. In addition, the closing of the offering may not be completed, or may be delayed, if the conditions to the closing of the offering are not satisfied on the anticipated timelines or at all. Accordingly, there is a risk that the offering will not be completed within the anticipated time, on the terms currently proposed, or at all. The intended use of the net proceeds of the offering by the Company may change if the board of directors of the Company determines that it would be in the best interests of the Company to deploy the proceeds for some other purpose.
Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws.
SOURCE Kinder Morgan Canada Limited