BC First Nations buying share of Enbridge pipeline system
Enbridge Inc. has signed a deal to sell a minority stake in its Westcoast natural gas pipeline system to a group of 36 First Nations in B.C.
Under the agreement, the Stonlasec8 Indigenous Alliance Limited Partnership will invest $715 million for a 12.5 per cent stake in the system.
The Westcoast natural gas pipeline system extends more than 2,900 kilometres from Fort Nelson in northeast B.C. and from Gordondale near the B.C.- Alberta border, south to the Canada -U.S. border.
Chief David Jimmie, president and chair of Stonlasec8 and chief of Squiala First Nation, says First Nations will receive sustained economic benefits from the asset, funding critical investments in housing, infrastructure, environmental stewardship, and cultural preservation.
