Kinder Morgan Canada shares up as much as 9.5 per cent
Kinder Morgan Canada shares rose as much as 9.5 per cent on Friday one day after a ruling by the National Energy Board on the Trans Mountain Pipeline expansion project.
On Thursday, the NEB said Kinder Morgan Canada could continue construction work on the $7.4 billion pipeline project without complying with certain Burnaby, BC bylaws.
Kinder Morgan Canada President Ian Anderson told CBC News “We are pleased with the decision we have received from the NEB today, as it reinforces our view this federally approved Project is in the national interest.”
The City of Burnaby, one of the Lower Mainland cities which the pipeline travels through, has been a prominent opponent of the project and has slowed down or stalled the permit process.
In late October, Kinder Morgan Canada appealed to the NEB for construction approval after the city of Burnaby denied the company permits for its Trans Mountain pipeline expansion project.
Thursday’s decision cleared a number of potential hurdles for the contentious project and is a sign that the company could tackle obstacles some lower governments may impose on the federally approved project.
Environmentalists, aboriginal groups, some municipal governments and the BC provincial government still oppose the project.
By 12:47 p.m. EST, the company’s stock was up 5.23 per cent to $17.52, while the benchmark Canadian share index was up .55 per cent.
