Ottawa fails to secure new buyer for Trans Mountain pipeline by deadline
OTTAWA — The federal government is set to become the official owner of the Trans Mountain pipeline expansion after failing to quickly flip the project to another private-sector buyer.
Pipeline owner Kinder Morgan had been working with the government to identify another buyer before July 22.
But with that date set to pass without a deal, it was expected the pipeline company will now take Ottawa’s $4.5-billion offer to purchase the project to its shareholders.
Pending their approval, the sale, which includes the existing pipeline, the pumping stations and rights of way, and the Westridge marine terminal in Burnaby, B.C., will be approved sometime in August or September.