TORONTO (AP) — Canada's finance minister says the federal government will cover any losses a pipeline builder might suffer if British Colombia's provincial government continues to obstruct the Trans Mountain pipeline expansion.
Finance Minister Bill Morneau also said Wednesday that other investors would step in if Houston-based Kinder Morgan backs out of the expansion, which would triple the capacity of a line carrying oil from Alberta to a Pacific port.
Kinder Morgan has halted essential spending on the project and says it will cancel it altogether if the national and provincial governments cannot guarantee it. British Colombia's premier has objected to the plan on environmental grounds. The company set a May 31 deadline.
The line would allow increased exports to Asia. Ninety nine percent of Canada's oil exports now go to the U.S.