The epic commodity bull run…
Crude oil prices turned around…
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
More Top Reads From Oilprice.com:
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.