NDP/Green agreement massive blow for Kinder Morgan
May 29, 2017
Environmental group Stand.earth has filed a formal request that Canadian securities regulators investigate the the accuracy of the prospectus for the Initial Public Offering (IPO) of Kinder Morgan Limited, whose primary asset would be the the proposed Trans Mountain Pipeline which will run from Edmonton to Burnaby.
Vancouver, BC - Today’s announcement from the BC NDP and BC Green Party they'll work together to form government comes at a particularly bad moment for Kinder Morgan. The company plans to float an initial public offering (IPO) later this week to fund their new pipeline.
The NDP and Greens reconfirm their commitment to use the province’s powers to fight the pipeline and expansion of oil tanker traffic related to the project.
“Today's announcement is last thing that Kinder Morgan wants to see,” said Sven Biggs, Energy and Climate Campaigner for Stand.earth.
“Anyone considering an investment in this project had better take a second look, because the route forward for this pipeline just got a lot more complicated.”
Late last week, Kinder Morgan announced that they had made the decision to go forward with the project. But moving forward was to be contingent on a successful IPO. However, the formation of a new government in Victoria that is opposed to the project creates new risk and uncertainty that Kinder Morgan’s pipeline will ever be built.
“There are many legal options open to this government that will add costs, create delays and could ultimately lead to the failure of this project,” said Biggs.
“For a long time now we have been saying this pipeline is all risk and no reward for British Columbians. After today, I can say that the risk is just as high for potential investors in this pipeline.”
For Immediate Release
For more info contact:
Sven Biggs, firstname.lastname@example.org
Stand.earth is an environmental organization that challenges corporations and governments to treat people and the environment with respect. Formerly ForestEthics, Stand has helped keep 2 trillion barrels of oil in the ground, placed 6.4 million hectares of forest into ecosystem-based management, and shifted over $100 billion of corporate purchasing into more sustainable sources.