TC Energy, Indigenous groups sign MOU regarding Keystone XL equity investments
TC Energy Corporation has signed a Memorandum of Understanding (MOU) for Natural Law Energy to pursue an equity interest in the Keystone XL Project and other potential related midstream and power projects.
This MOU exemplifies the strong commitment TC Energy and NLE have made to create a meaningful and significant long-term partnership. A final agreement between TC Energy and NLE is expected to be completed in the fourth quarter of 2020, formalizing NLE's participation in the Keystone XL Project.
"Today's announcement is a testament to what we can accomplish when industry and Indigenous groups work together," said Chief Alvin Francis, President of NLE. "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."
NLE CEO Travis Meguinis stated, "This very substantial and historic agreement has been reached through the practice of traditional protocols involving our grassroot Chiefs and leaders. All the Chiefs, NLE and TC Energy worked hard to develop a path for all First Nations and industry to follow. This partnership is historic and one of the largest ever of its kind in Canada and around Turtle Island (North America)."
Support for the MOU comes from the elected leaders of five First Nations in Alberta and Saskatchewan:
- Maskwacis Nations (AB)
- Ermineskin Cree Nation
- Montana First Nation
- Louis Bull Tribe
- Saddle Lake Cree Nation (AB)
- Nekaneet First Nation (SK)
"This MOU, which is one of the first of its kind for TC Energy with Indigenous communities, is a reflection of our commitment to working together to ensure Indigenous groups share the benefits of the Keystone XL Pipeline over the long term as a valuable partner," said Richard Prior, President, Keystone XL. "Our goal was not to just build relationships with Indigenous groups along our right-of-way, but to build trusted partnerships.
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."
Keystone XL highlights
- Advances continental energy security.
- Six comprehensive scientific reviews by the U.S. Department of State over the past decade concluded that the project can be built and operated in an environmentally sustainable and responsible way
- Safer and less-GHG intensive than alternative methods of transporting crude oil to market
- Thousands of stakeholders engaged, including landowners, community members and Indigenous communities.
- Creates over 60,000 jobs in Canada and the Unites States.
- Approximately 13,000 high paying union jobs in Canada in the U.S.