CALGARY, Oct. 4, 2017 /CNW/ - Kinder Morgan Canada Limited (TSX:KML) is pleased to announce that Trans Mountain has signed contracts for the Expansion Project with two of the six contractors it previously announced memoranda of understanding with in September, 2017. The remaining four are expected to be signed in the near future.
The company has signed a construction contract with Macro Spiecapag Joint Venture for the Spread 5B (Coquihalla – Hope) portion of the Project, and an engineering, procurement and construction contract with Kiewit Ledcor TMEP Partnership for the Lower Mainland/Spread 7 section. The Lower Mainland scope includes Spread 7, Burnaby Mountain tunnel and three terminals: Westridge Marine Terminal, Burnaby Terminal and Sumas Terminal.
About Trans Mountain Expansion Project
In November 2016, the Government of Canada approved Kinder Morgan Canada's plan to expand the existing Trans Mountain Pipeline system – between Edmonton, Alberta and Burnaby, British Columbia. The Project is subject to 157 Conditions from the National Energy Board that covers the life span of the Project, and 37 Conditions attached to the Environmental Certificate received from the Government of British Columbia in January 2017. For almost 65 years, the 1,150-km Trans Mountain pipeline system has been safely and efficiently providing the only West Coast access for Canadian oil products, including about 90 per cent of the gasoline supplied to the interior and south coast of British Columbia. For more information, please visit www.transmountain.com
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 from the offering of Series 1 Preferred Shares, the expected equity treatment of principal amount of Series 1 Shares by the rating agencies, and anticipated cost of the Trans Mountain Expansion project.
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, 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: 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, public opposition, 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 result in higher project or operating costs, project delays or even project cancellations; 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; changes in governmental support and the regulatory environment. In addition, 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. Certain other risks detailed from time to time in the Company's public disclosure documents could also cause material variances in the forward looking statements and forward looking information set forth herein, 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 under the Company's profile on SEDAR at www.sedar.com.
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
For further information: Media Contact: Trans Mountain Expansion Project, Media Relations, 604-908-9734 or 855-908-9734, [email protected], www.transmountain.com