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Ottawa opens up 15% Trans Mountain equity stake to Indigenous groups on pipeline path
Ottawa is offering a low-cost loan and up to $100,000 for expenses as talks begin on Indigenous ownership.
- On Tuesday, Finance Minister François-Philippe Champagne sent letters to 129 First Nations along the Trans Mountain pipeline route offering a combined 15 per cent equity stake and a $2.5 million lump-sum payment per group that agrees to invest.
- Ottawa purchased the Trans Mountain pipeline for $4.5 billion in 2018 after Kinder Morgan Inc. threatened to abandon expansion plans. The corporation has since returned $2.6 billion in dividends while boosting capacity to 1.2 million barrels per day.
- Critics, including Indian Resource Council president Stephen Buffalo, called the offer "disrespectful" and "underwhelming." University of British Columbia adjunct professor Dawn Mills noted the $2.5 million payment would quickly be exhausted by legal fees in negotiations.
- The Western Indigenous Pipeline Group, representing 36 Indigenous groups, proposed purchasing 30 per cent of the corporation on September 8, but received no government response before Champagne issued his competing offer one week later.
- Government officials plan to discuss proposal details during in-person meetings in Vancouver, Victoria, Kamloops, and Edmonton planned for late October. Each participating community will receive low-cost debt capital to finance the investment once formally committed.
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27 Articles
27 Articles
The federal government wishes to offer shares of the Trans Mountain project to 129 Aboriginal nations on the pipeline route.
·Montreal, Canada
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The Toronto Star+24 Reposted by 24 other sources
Ottawa opens up 15% Trans Mountain equity stake to Indigenous groups on pipeline path
OTTAWA - The Canadian government is offering Indigenous groups a collective 15 per cent ownership stake in the Trans Mountain pipeline through a low-cost loan.
·Toronto, Canada
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Coverage Details
Total News Sources27
Leaning Left17Leaning Right0Center8Last UpdatedBias Distribution68% Left
Bias Distribution
- 68% of the sources lean Left
68% Left
L 68%
C 32%
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