Canadian local community to buy majority stakes in Trans-mountain pipeline

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Canadian local community to buy majority stakes in Trans-mountain pipeline

An aboriginal-led group, named as Project Reconciliation, had been planning to purchase a majority stake in the trans mountain oil pipeline from the Canadian government as early as this week or next at a C$ 6.9 billion deal, which might alleviate some criticisms from environmentalist groups aimed at Canadian PM Justine Trudeau ahead of an October national election.

In point of fact, managing director of the Canadian local-led group, Stephan Mason had been quoted saying in an interview with a press agency that the Project Reconciliation had been planning to submit a $5.26 billion deal as early as next Friday (July 5th), while the group was expected to start off negotiations with Canadian government two weeks later.

Besides, Project Reconciliation claimed earlier that its investment was aimed at easing First Nations poverty, yielding a watershed for the local communities who had long been watching Canada’s resources enriching others.

Nonetheless, an expansion of the Canadian-trans mountain pipeline, widely protested by the environmental activists, would likely to triple capacities of the pipeline carrying crude to British Columbia coast from Alberta and to head off some frets of an industry, suppressed by low prices and lack of pipelines for years.

As a matter of fact, earlier on June, when Canadian PM Justine Trudeau had approved an expansion of Trans-mountain oil pipelines, he had also added that the government would talk to the local communities on how they could be benefitted by the pipelines including potential buyout of stakes of the pipelines.