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CALGARY – 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 out of 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 that will take oil to the U.S. Gulf Coast and announced Tuesday 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 in Keystone XL, but said a final agreement between TC Energy and Natural Law Energy would be formalized in the fourth quarter.
