Quebec's stake in Kinder Morgan

By Yves Faguy April 18, 201818 April 2018

Quebec's stake in Kinder Morgan

Politicians in Quebec have mostly condemned Ottawa's stated intention to assert its constitutional authority to ensure completion of the Kinder Morgan pipeline project to carry Alberta oil to the west coast. But reality has a way of catching up, as it has now been disclosed that La Caisse de dépôt et de placement, the province’s pension fund manager, has shares worth $174 million in Kinder Morgan Canada. Bloomberg:

The disclosure is another twist in a saga that has Alberta’s provincial government threatening to impose an oil embargo on neighboring British Columbia, with Prime Minister Justin Trudeau attempting to mediate by launching talks to potentially support the company financially. A halt to energy shipments would have ripple effects across North America’s west coast.

Leery of federal overreach, Quebec’s government had essentially sided with British Columbia -- the birthplace of Greenpeace -- in its fight against Trudeau’s attempt to flex jurisdictional muscle and ensure the pipeline’s construction. Now the pension fund manager’s disclosure reveals Quebeckers have a direct stake in its completion.

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