National Post (Latest Edition)

TC En­ergy in talks to sell KXL stake to In­dige­nous com­pany.

- Ge­of­frey Mor­gan Business · Canada News · Investing · TransCanada Corporation · Portland, ME · United States of America · Alberta · Saskatchewan · Canada · Richard Pryor · Montana · British Columbia · Jason Kenney · Ermineskin Tribe

• Pipe­line gi­ant TC En­ergy Corp. an­nounced Tues­day it was ne­go­ti­at­ing an agree­ment to sell a stake in its long- de­layed and of­ten- chal­lenged Key­stone XL pipe­line pro­ject to a com­pany formed from an al­liance be­tween five First Na­tions.

TC En­ergy has pub­licly dis­cussed selling a stake in its un­der- con­struc­tion Us$14.4-bil­lion Key­stone XL pipe­line pro­ject to the U. S. Gulf Coast and an­nounced Tues­day that it had signed a mem­o­ran­dum of un­der­stand­ing with Nat­u­ral Law En­ergy, a com­pany jointly owned by five First Na­tions in Al­berta and Saskatchew­an.

“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 United States,” Key­stone XL pres­i­dent Richard Prior said in a re­lease, which called the MOU the first of its kind for TC En­ergy.

The com­pany did not dis­close the size of the stake or the value of the in­vest­ment, but said a fi­nal agree­ment be­tween TC En­ergy and Nat­u­ral Law En­ergy would be for­mal­ized in the fourth quar­ter.

“To­day’s an­nounce­ment is a tes­ta­ment to what we can ac­com­plish when in­dus­try and In­dige­nous groups work to­gether,” said Chief Alvin Fran­cis, pres­i­dent of Nat­u­ral Law En­ergy, which is sup­ported by the elected lead­ers of the Er­mi­ne­skin Cree Na­tion, Mon­tana First Na­tion, Louis Bull Tribe, Sad­dle Lake Cree Na­tion and Neka­neet First Na­tion.

Al­berta Premier Ja­son Ken­ney im­me­di­ately praised the agree­ment, call­ing it a his­toric deal “for a large eq­uity stake in en­ergy in­fra­struc­ture projects” by a First Na­tions group.

“The full par­tic­i­pa­tion of In­dige­nous peo­ple in our en­tire econ­omy is cen­tral to rec­on­cil­i­a­tion,” Ken­ney said.

“Like­wise, Al­berta’s re­cov­ery de­pends on In­dige­nous com­mu­ni­ties par­tic­i­pat­ing in eco­nomic pros­per­ity.”

Sev­eral First Na­tions- led busi­ness con­sor­tia have been formed in Western Canada in re­cent years to ne­go­ti­ate for stakes in nat­u­ral- re­source projects, in­clud­ing the stalled fed­er­ally owned Trans Moun­tain Pipe­line Ex­pan­sion be­tween Al­berta and Bri­tish Columbia.

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