Canada’s Takeover of Trans Mountain Pipeline to Close in Late 2018

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 the 7^th August.

Kinder Morgan Canada shareholders will vote on the Canadian government’s proposed C$4.5 billion (US$3.45 billion) takeover on the 30^th August, the company said in a 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.

Source: Rigzone