Canada OKs Trans Mountain and Line 3 projects, rejects Northern Gateway

|By:, SA News Editor

Canada's government announces its approval of Kinder Morgan's (NYSE:KMI) Trans Mountain and Enbridge's (NYSE:ENB) Line 3 pipeline projects, while rejecting ENB's Northern Gateway proposal.

“There isn’t a country in the world that would find billions of barrels of oil and leave it in the ground while there’s still a market for it," Prime Minister Trudeau says, while nixing Northern Gateway because "the Great Bear Rainforest is no place for a pipeline."

But oil patch hopes for greater access to Asian markets are hurt by a decision to ban crude oil tanker traffic along the northern part of British Columbia’s Pacific coastline.

KMI +2.5% AH.