This week, Kinder Morgan Canada President Ian Anderson presented at the Fraser Valley Economic Summit (FVES), an annual conference hosted by the City of Abbotsford where delegates come together to discuss the economic opportunities and development for businesses in the Fraser Valley.  Mr. Anderson spoke to more than 100 attendees about the local economic benefits available to vendors, suppliers and businesses in the region during construction of the expansion. Today, Trans Mountain pays $3.7 million dollars in municipal taxes in the Fraser Valley for its existing pipeline operations, and with the expansion municipal taxes will see an additional $3 million dollars annually for the communities in the Fraser Valley. The project, during its construction, would represent 65% of the total capital spending anticipated to occur within the Fraser Valley region. Other key highlights include:

  • The total amount of capital expenditure projected during construction of the TMEP in the Fraser Valley is $626 Million.
  • Out of the total capital expenditure, $30 Million dollars will be spent directly in constructing a new storage tank and upgrading an existing pump station at the Sumas Terminal.

Additionally, Mr. Anderson highlighted the potential increase in workforce spending in the Fraser Valley through out construction:

  • The TMEP Workforce will spend $480 million dollars in spending along the right-of-way on items such as housing, meals and goods including $22 million on accommodation; $11 million on meals and $500 thousand on footwear.
  • In addition to significant capital spending, procurement, and contacting opportunities, Fraser Valley communities will benefit from $55 million of spending by Trans Mountain’s non-local workforce.

Read the story on Mr. Anderson’s presentation to the FVES here.