Kinder Morgan joins divest-Canada movement
After closing on the sale of its Trans Mountain assets to the federal government last week, Kinder Morgan (NYSE:KMI) has hired TD Securities to find buyers for the remainder of its Canadian assets.
Aside from Trans Mountain, Kinder Morgan Canada still owns storage terminals in Alberta, the Vancouver Wharves Terminal and the Canadian portion of the Cochin diluent pipeline.
The Canadian subsidiary was spun-off from its Houston-based parent company in the spring of 2017 in order to fund the Trans Mountain Expansion project, which is obviously no longer required. KMI CEO Steve Kean calls the Canadian midstream assets "attractive" with no shortage of potential buyers. Former KML CEO Ian Anderson is now an employee of the federal government, and head of the Trans Mountain Corporation.