The federal government is buying the Trans Mountain pipeline expansion project.
Finance Minister Bill Morneau says Ottawa will spend four-point-five billion dollars to purchase the Alberta-to-B.C line, along with all of Kinder Morgan Canada’s core assets.
In return, Kinder Morgan will proceed with its original plan to twin the pipeline, with the work expected to start in August.
Once the sale is complete, the government will continue construction on its own with a view to eventually selling the energy infrastructure, once market conditions allow it to get the best price.
The expansion has been on the rocks ever since B-C went to court in hopes of blocking it, fearing the impact of a spill on the environment.