Kinder Morgan announced Sunday they are halting all “non-essential activities and related spending” on the Trans Mountain pipeline project due to B.C. opposition.
The company has said it will take until May 31 to consult with stakeholders to determine whether the project will be permitted to continue construction through B.C. and whether shareholders can be protected.
“As KML has repeatedly stated, we will be judicious in our use of shareholder funds,” said Kinder Morgan chairman and CEO Steve Kean.
“In keeping with that commitment, we have determined that in the current environment, we will not put KML shareholders at risk on the remaining project spend.”
If the company cannot reach an agreement with the various stakeholders by the May 31 deadline, Kean says it is “difficult to conceive of any scenario in which we would proceed with the project.”
Stephanie Ip & Patrick Johnston – Vancouver Sun – April 8, 2018.
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