A aerial view of Kinder Morgan’s Trans Mountain marine terminal, in Burnaby, B.C., is shown on Tuesday, May 29, 2018. (Jonathan Hayward/The Canadian Press)

Cost to twin Trans Mountain pipeline now $1.9B higher, Kinder Morgan says

Financial documents now say the company expects a $9.3-billion price tag

Kinder Morgan Canada documents say expanding the Trans Mountain pipeline will cost the federal government another $1.9 billion beyond the company’s original construction estimate and will take another full year to complete.

The figure is included in documents Kinder Morgan Canada filed Tuesday with the United States Security and Exchange Commission related to the company’s plan to sell the pipeline to the Canadian government for $4.5 billion.

READ MORE: B.C., Alberta clash as Kinder Morgan suspends Trans Mountain work

READ MORE: How will Ottawa finish a pipeline Kinder Morgan couldn’t?

READ MORE: Kinder Morgan protest in Delta ends peacefully

Kinder Morgan has long said it would cost $7.4 billion to build a second pipeline parallel to the first in order to triple its capacity, but the financial documents now say the company expects a $9.3-billion price tag.

The documents also suggest construction won’t be done until December 2021 — a full year beyond the last projection of December 2020.

Finance Minister Bill Morneau has been reluctant to discuss how much more it will cost to build the pipeline while the deal is still being finalized, and the closing date for that deal is now being pushed back well into the fall.

The documents also say shareholders will meet Aug. 30 in Calgary to vote on the proposed sale.

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

Second advance voting chance in Penticton

Advance voting for the City of Penticton municipal election takes place today

Oliver hunter injured in ATV incident evacuated by rescue teams

Hunter was found on a mountainside overlooking Cawston

VIDEO: This is what buying legal pot in B.C. looks like

Take a look inside B.C.’s first and only legal pot shop located in Kamloops

Athlete of the week: Ryan McMillan

Ryan McMillan is the Canadian Tire/Penticton Western News athlete of the week

Okanagan RCMP look for owners of various keys located during arrest

RCMP seek to reunite the owners of various keys found at the arrest of suspects in a stolen vehicle.

Your morning news in 90: Oct. 18, 2018

Tune in for 90 seconds to get the top headlines for the Okanagan, Shuswap and Similkameen.

VOTE: Nature in Focus reader’s choice photo contest

The Penticton Western News Reader’s Choice photo contest

Who’s running in Penticton’s election?

Candidates for the Penticton municipal and school board election

Proportional representation grows government, B.C. study finds

Spending, deficits higher in countries where voting system used

Black market will thrive until small pot growers and sellers included: advocates

Advocates say the black market will continue to thrive until small retail shops and craft growers are included in the regime.

Goodbye cable, hello Netflix: 1/3 of Canadians cut the cord

Just under half of households no longer have a landline phone

‘Some baloney’ in assertion Canada’s pension fund has highest ethical standards

The Canadian Press Baloney Meter is a dispassionate examination of political statements culminating in a ranking of accuracy on a scale of “no baloney” to “full of baloney”.

In Mexico Beach after Hurricane Michael, some coming home find no home

State emergency management officials said some 124,500 customers across the Panhandle were still without power Wednesday morning and 1,157 remained in shelters.

Man linked to Saudi prince at consulate when writer vanished

Saudi Arabia, which initially called the allegations “baseless,” has not responded to repeated requests for comment from The Associated Press over recent days.

Most Read