- TC Energy (TRP) has solidified a C$1 billion deal with Indigenous groups across Alberta and Saskatechwan
- The group, named Natural Law Energy, will invest the large sum as capital into the controversial Keystone XL pipeline project
- Despite the pipeline encountering criticism from many Indigenous groups along its planned path, Natural Law Energy CEO Travis Meguinis said the investment will create opportunities for future generations
- However, the future of the project has recently been thrown into question, after President-elect Joe Biden vowed to once again axe the project during his upcoming tenor in the White House
- TC Energy is down 1.56 per cent and is trading at $55.31 per share
TC Energy (TRP) has secured a C$1 billion investment into its planned Keystone XL Pipeline from Indigenous groups across Alberta and Saskatechwa.
The group, named Natural Law Energy, will invest the large sum as capital into the project, which would expand the Keystone Pipeline link and transport tar sands oil into the U.S. from Alberta.
Richard Prior, President of the Keystone XL Pipeline said the agreement is a reflection of the meaningful way Natural Law Energy is choosing to participate in a long-term partnership.
“This partnership will facilitate important input and guidance from Natural Law Energy on the project as we make this the most sustainable and safest pipeline ever developed. It will also enable the realization of long-term, meaningful economic benefits derived from an attractive return of and on Natural Law Energy’s investment,” he added.
Despite the pipeline encountering criticism from many Indigenous groups along its planned path, Natural Law Energy CEO Travis Meguinis said the investment will create opportunities for future generations.
“As an Indigenous led company, we need to ensure sustainability to Mother Earth and share our understanding as stewards of the land by bringing our traditional protocols and values to these projects,” Travis added.
As part of the deal, TC Energy has committed to providing jobs and opportunities to Indigenous communities along the pipeline's path in both Canada and America.
However, all this will be contingent on the pipeline expansion going forward, a guarantee that has recently been thrown into question as President-elect Joe Biden prepares to take the White House.
The Keystone XL project was originally axed while Biden was part of the Obama administration and was only reinstated once current U.S. President Donald Trump reapproved the pipeline in 2017.
Biden has more recently vowed to once again cancel the project during his tenor as president, but with the Canadian government eager to see the pipeline go forward, the outcome remains unclear.
TC Energy is down 1.56 per cent and is trading at $55.31 per share at 11:32pm EST.