The Canadian government is getting into the oil business, but only on a temporary basis.
Finance Minister Bill Morneau explains the government is buying the Trans Mountain pipeline project in Western Canada from Kinder Morgan with a promise to sell it back to the private sector.
He says Canada will work with investors to transfer the project to new owner or owners in a way that ensures the project’s construction and operation proceeds in a way that protects the public’s interest.
The finance minister indicates the $4.5 billion deal includes the purchase of all assets.
He also explains the decision means the project can get underway before the start of the construction season.
(File photo)
