Trans Mountain IPO to proceed despite B.C. Green-NDP deal
Both parties intending to form minority government oppose Kinder Morgan's pipeline expansion
Kinder Morgan says it expects to proceed Tuesday with its initial public offering for the Trans Mountain expansion, just as the anti-pipeline Greens and NDP in B.C. announced they have come to an agreement that could cast the project's future into doubt.
Dave Conover, a spokesman for the Houston-based energy company, said in an email that the IPO will go ahead on the Toronto Stock Exchange.
- Deal between B.C. Greens and NDP changes nothing on pipeline, Hoffman says
- Kinder Morgan aims to raise $1.75B in Trans Mountain pipeline IPO
Conover's confirmation came shortly after the leaders of the B.C. Greens and NDP said they came to a deal that could see the formation of a minority NDP government in the province.
Both parties have voiced their opposition to the Trans Mountain expansion, which would see the capacity of a pipeline running from Edmonton to Burnaby, B.C., nearly triple its capacity to 890,000 barrels of oil per day.
Deputy Premier Sarah Hoffman said Monday that Alberta will keep pushing for the Trans Mountain pipeline expansion despite the new deal in B.C.
"As far as I'm concerned, the federal government has the authority to approve pipelines. They've made that decision and our pipeline is moving forward," she said.
The IPO is intended to raise $1.75 billion to help fund the $7.4-billion Trans Mountain expansion.
The offering would be the largest on the Toronto Stock Exchange since Hydro One's $1.83-billion listing in 2015, with only insurers Sun Life Financial and Manulife Financial having bigger debuts.