Canada's Takeover of Trans Mountain Pipeline to Close in Late 2018 -Proxy



Canada's Takeover of Trans Mountain Pipeline to Close in Late 2018 -Proxy
Kinder Morgan Canada now expects a takeover of its Trans Mountain crude oil pipeline to close in late 2018.

Reuters

VANCOUVER, Aug 7 (Reuters) - Kinder Morgan Canada now expects a takeover of its Trans Mountain crude oil pipeline to close in late 2018, with the Government of Canada funding construction of the expansion project through closing, the company said in a proxy filed on Tuesday.

Kinder Morgan Canada shareholders will vote on the Canadian government's proposed C$4.5 billion ($3.45 billion) takeover on Aug. 30, the company said in a July 27, 2018 letter to shareholders posted in the proxy. The Trans Mountain pipeline extends from Edmonton, Alberta to a port in the Vancouver area.

Canada, which agreed to buy the controversial pipeline and project in late May, will fund the resumption of consumption of the expansion under a covered credit facility until the deal closes, the company said.

($1 = 1.3038 Canadian dollars)

(Reporting by Julie Gordon in Vancouver; Editing by Bernadette Baum)



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

RELATED COMPANIES