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Canadian Indigenous Groups Look To Buy Into Controversial Pipeline

At least five indigenous groups are looking to buy a stake in the Trans Mountain pipeline that the Canadian federal government bought from operator Kinder Morgan last year, CBC reports, adding that one of these groups yesterday met with finance minister Bill Morneau for early discussions of the issue.

Participants in the discussion from the First Nations group said the talks were preliminary and not an acquisition discussion. The federal government has already stated it would rather sell the project once the expanded pipeline is built.

"Any group that is interested in the Trans Mountain pipeline can be doing whatever they see fit from their perspective," Morneau told CBC, adding "The government has not yet gotten to a decision point."

In January, media reported that a group of First Nations was mulling over a bid for the project and would likely place it in April or May, the Vancouver Sun reported citing one representative of the group.

There were even reports that the First Nations were discussing buying 100 percent of the pipeline.

"We all want a safe and proper environment; the environment is so key," the chief executive of the Indian Resource Council said at the time. “"But we can continue to still do some economic development and have that balance. And that's what we need to strive for — to find that balance."

The federal government of Canada last year bought the Trans Mountain expansion project from TransCanada for US$3.4 billion (C$4.5 billion) when the latter said it was reluctant to pursue the project in the face of too many delays and strong opposition from environmentalists and the new government of British Columbia. It then said it would seek other buyers for the project to carry it out. The expansion project will cost more than US$5 billion (C$7 billion).

The Trans Mountain project is currently suspended while the British Columbia Court of Appeals hears a case brought against it by the government of the province and a First Nation that is against the project.

By Irina Slav for Oilprice.com

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  • Jim Miceli on March 28 2019 said:
    It's "Jimmi The Tapper" here. The pipeline will probably eat up a great deal of revenue to keep it's operation up and running the way (WTI) has been waffling and I see Gold (Troy Oz) dwindling to 1200.-- with a downside to 1190.-- from there. The US Stock Markets are to erratic to play ball and the price of common stock for the most part gains .10 and then down a nickel by the end of the trading day. Gold buyers are better off in my BOOK to let the Gold $ drop off then take advantage in later trading. Personally , at this point things should return to 2008 and start all over again. Then stock the Markets will rally. One can only sell a Security to someone else so many times and then the Buyer gets jammed up with frivolous trading techniques. Get Real.

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