By Canadian Press

TC Energy inks deal for Indigenous ownership stake in Keystone XL pipeline

Sep 29, 2020 | 4:20 PM

CALGARY – TC Energy Corp. says it has signed a memorandum of understanding with Canadian Indigenous communities that will allow them to pursue an ownership interest in the Keystone XL pipeline project.

The Calgary-based company says the deal was signed with Natural Law Energy, which represents four First Nations in Alberta and one in Saskatchewan.

It says a final agreement between TC Energy and Natural Law is expected to be completed in the fourth quarter of 2020, formalizing its participation in Keystone XL.

Keystone XL president Richard Prior says the agreement is the first of its kind for TC Energy and reflects its commitment to ensuring Indigenous groups share the pipeline’s benefits as partners. He says TC wants to expand the model for other Indigenous groups along the Keystone XL right-of-way in Canada and the United States.

In March, the company approved construction of the US$8-billion project to transport up to 830,000 barrels per day of oil from Alberta to Nebraska after the Alberta government agreed to invest about US$1.1 billion (C$1.5 billion) as equity and guarantee a US$4.2-billion project loan.

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Its future is still in doubt, however, as Democratic candidate Joe Biden has said he would cancel the vital Keystone XL presidential permit if he is elected president in November.

This report by The Canadian Press was first published Sept. 29, 2020.

The Canadian Press