B.C. moves to restrict oil sands exports in setback for Trans Mountain
Jan. 30, 2018 4:14 PM ETKinder Morgan, Inc. (KMI)KMIBy: Carl Surran, SA News Editor91 Comments
- Kinder Morgan (NYSE:KMI) tumbled 2% in today's trade, finishing at lows of the day after British Columbia's provincial government announced new proposed rules to block shipments of crude oil in a move directly aimed at the company’s Trans Mountain pipeline expansion.
- B.C. says it will establish an independent scientific advisory panel to make recommendations on if and how heavy oils can be safely transported and cleaned up if spilled, and plans to bar any increase in oil shipments by rail or pipeline while the panel is completing its work; no timeline is provided for how long the advisory review would take.
- Environmentalists hail the news as a "major setback " for the pipeline, which is under construction and would increase Canadian oil producers’ ability to send their oil to the Pacific coast by 590K bbl/day.