Kinder Morgan CEO ‘appreciates’ feds’ offer but time short to save pipeline
CALGARY — A federal commitment to compensate investors if the Trans Mountain pipeline expansion is unnecessarily delayed is appreciated but doesn’t put the project back on the front burner, the CEO of Kinder Morgan Canada Ltd. said Wednesday.
Steven Kean repeated that the company won’t return to constructing the pipeline unless it has a clear path to build in British Columbia and adequate financial protection is provided for Kinder Morgan shareholders, demands it made last month as it suspended all non-essential spending on the project.
“The time period for reaching a resolution is short and, if we don’t reach a resolution by May 31, as we’ve said, it’s hard to conceive of a scenario under which we can proceed,” Kean said during remarks at his company’s first annual general meeting since being spun out a year ago by U.S.-based Kinder Morgan Inc. to hold most of its Canadian assets.
Afterwards, he declined to talk to reporters.