Another key element towards the Nisga'a Nation's LNG program was announced today, with Eva Clayton, the President of the Nisga'a Lisims Government outlining the details towards their purchase of the Prince Rupert Gas Transmission Pipeline from TransCanada Energy.
In a video presentation delivered on the Nisga'a Nation social media page, the purchase was noted as one which will provide for more training and more priority employment for members of the Nisga'a Nation, as well as to herald a significant step on reconciliation.
The President of the Nisga'a Nation also invited all of the nations on the pipeline corridor to work together with the Nisga'a to demonstrate how Indigenous ownership can strengthen and benefit all of their communities.
The Nisga'a Lisims Government purchase also involves their partner Western LNG.
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The pipeline purchase, is another element of infrastructure for the KSI Lisims LNG project and part of the Nisga'a Nations plans for a sustainable base for its members.
No financial terms were disclosed from today's announcement, and for its part TC Energy noted in their statement of a commitment towards the transition.
As part of the letter agreement, TC Energy has committed to provide transition services, on a reimbursable basis, to facilitate the seamless transition of the pipeline project and support development work planned for this year.
Subject to the execution of definitive agreements and customary closing conditions, the transaction is expected to close in the second quarter of 2024.
Initial proceeds from the transaction are not expected to be material to TC Energy, with the potential to receive additional payments contingent upon the project achieving final investment decision and commercial operation.
The Nisga'a Nation purchase of the pipeline fits into the ambitions for both the Federal and Provincial governments towards First Nation investment in energy and other infrastructure projects.
The Prince Rupert Gas Transmission pipeline should be familiar for north coast residents, it was originally proposed to carry Natural Gas to the Petronas led Pacific Northwest LNG terminal at Lulu Island.
That project was shelved back in July of 2017.
More notes on the KSI Terminal plans can be reviewed here.
The announcement has already reverberated in energy and financial circles.
BC First Nation and Western LNG partner to purchase natural gas pipeline project
Nisga'a Nation and Western LNG buying TC Energy's plans for natural as pipeline in BC
More on LNG related themes for the Northwest can be reviewed here.
Where did the Nisga’a Government get thar kind of money to buy the Transmission Pipeline?
ReplyDeleteFinancial statements https://www.nisgaanation.ca/sites/default/files/2020%202021%20Signed%20Audited%20Statements.pdf
DeleteBy diversifying their economy over the past two decades. The nation has over twenty business entities listed on their financial statements.
Treaty
ReplyDelete