- TC Energy (TRP) is offering portion of its controversial Keystone XL pipeline to an alliance of Indigenous groups across Alberta and Saskatechwan
- The five First Nations, operating as Natural Law Energy, signed a memorandum of understanding with TC Energy allowing it to negotiate a stake in the Alberta-to-Nebraska pipeline
- The extent of Natural Law Energy’s resulting interest and the exact terms of the deal remain unclear, but discussions between the two groups are expected to finalise in the fourth quarter of 2020
- Despite being facing controversy and numerous delays in the last few years, the pipeline was recently approved for construction, following a significant investment from the Alberta government
- TC Energy (TRP) is down 0.92 per cent and is trading at C$57.36 per share
TC Energy (TRP) is offering portion of its controversial Keystone XL pipeline to an alliance of indigenous groups across Alberta and Saskatechwan.
The five First Nations, operating as Natural Law Energy, signed a memorandum of understanding with TC Energy allowing it to negotiate a stake in the oft-delayed project.
The proposed oil pipeline would stretch from Alberta to Nebraska but faced objections from environmentalist groups as well as previous president Barack Obama. Despite the setbacks the project has now been approved for construction, following a significant investment from the Alberta government.
The extent of Natural Law Energy’s resulting interest and the exact terms of the deal remain unclear, but discussions between the two companies are expected to finalise in the fourth quarter of 2020.
Chief Alvin Francis, President of Natural Law Energy, commented on the proposed agreement, believing it to be a is a testament to what can be accomplished when industry and Indigenous groups work together.
“This historic agreement is an important step for our Peoples and future generations to share in the energy wealth coming from our lands and traditional territories,” he added.
Meanwhile, Richard Prior, President, Keystone XL said the memorandum was a reflection of its commitment to working together to ensure Indigenous groups share the benefits of the Keystone XL pipeline over the long term.
“We will work closely with Natural Law Energy and its members to facilitate Indigenous ownership in our future projects not only because it makes good business sense but because it’s the right thing to do for our Liquids Business Unit.
“We aspire to expand this model into future opportunities for other Indigenous groups along our Keystone XL right-of-way both in Canada and the Unites States,” he added.