|By Marketwired .||
|May 29, 2014 05:41 PM EDT||
OTTAWA, ONTARIO -- (Marketwired) -- 05/29/14 -- Natural Resources Canada
The Honourable Greg Rickford, Canada's Minister of Natural Resources and Minister for the Federal Development Initiative for Northern Ontario, today issued the following statement following the announcement by the National Energy (NEB) that operators of pipeline infrastructure must now set aside funds to fully cover the costs of potential environmental impacts and subsequent remediation for pipeline abandonment.
"Today's decision by the National Energy Board further demonstrates Canada's commitment to enhancing pipeline companies' accountability for their operations. I am encouraged that our system has a strong, independent regulator that protects taxpayers by ensuring companies have the resources to cover these costs. I commend the National Energy Board's initiative for this important decision that supports Canada's world-class pipeline regulatory system.
"These measures build on previous steps taken by the Government of Canada including having strengthened the NEB's authority to levy administrative monetary penalties, increased the number of annual inspections and audits to prevent incidents from occurring and proposing to increase "no fault" liability for major oil pipelines to $1 billion."
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Alexandra Lemieux, Press Secretary
Office of Canada's Minister of Natural Resources and
Minister for the Federal Economic Development
Initiative for Northern Ontario
Natural Resources Canada, Ottawa
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