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Trans Mountain IPO to proceed despite BC Green-NDP deal, Kinder Morgan says

Last Updated May 29, 2017 at 4:05 pm PST

Kinder Morgan Trans Mountain Expansion Project's Westeridge loading dock is seen in Burnaby, B.C., in a November 25, 2016, file photo. The City of Vancouver is launching another court case in a bid to derail Kinder Morgan's proposed pipeline expansion. THE CANADIAN PRESS/Jonathan Hayward
Summary

Kinder Morgan says the IPO will go ahead on the Toronto Stock Exchange

The anti-pipeline BC Greens and NDP said they came to a deal that could see the formation of a minority NDP government

CALGARY (NEWS 1130) – Kinder Morgan says it expects to proceed Tuesday with its initial public offering for the Trans Mountain expansion, just as the anti-pipeline Greens and NDP in BC announced they have come to an agreement that could cast the project’s future into doubt.

Dave Conover, a spokesman for the Houston-based energy company, said in an email that the IPO will go ahead on the Toronto Stock Exchange.

Conover’s confirmation came shortly after the leaders of the BC Greens and NDP said they came to a deal that could see the formation of a minority NDP government in the province.

Both parties have voiced their opposition to the Trans Mountain expansion, which would see the capacity of a pipeline running from Edmonton to Burnaby, BC nearly triple its capacity to 890,000 barrels of oil per day.

The IPO is intended to raise $1.75 billion to help fund the $7.4-billion Trans Mountain expansion.

The offering would be the largest on the Toronto Stock Exchange since Hydro One’s $1.83-billion listing in 2015, with only insurers Sun Life Financial and Manulife Financial having bigger debuts.