Canada plans to sell a stake in the Trans Mountain oil pipeline to indigenous groups through a special-purpose vehicle that will allow individual communities to buy into the enterprise.
The government will provide the groups with access to capital so they don’t have to risk any of their own money to participate, according to a letter from Deputy Prime Minister Chrystia Freeland’s office that was obtained by Bloomberg. The communities’ equity interest in Trans Mountain will provide them with cash flows and allow them to jointly exercise governing rights, according to the letter, which was dated Aug. 2.
The plan partly clears up how Prime Minister Justin Trudeau’s government will decide which indigenous groups are able to take a stake in the pipeline that his administration agreed to buy for about $4.5 billion in 2018.
Indigenous groups that take part in the special purpose vehicle won’t be excluded from participating in later rounds offering additional equity in Trans Mountain, the letter said. The government will soon begin discussions with indigenous groups along the pipeline’s route and shipping corridor, according to the letter.The cost of the Trans Mountain expansion project has more than quadrupled to $30.9 billion amid repeated delays and construction setbacks.
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