Calgary, Alberta, March 9, 2022 (GLOBE NEWSWIRE) —News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) has an option agreement to sell a 10% stake in Coastal GasLink. Announced the signature. A pipeline limited partnership to the indigenous community throughout the project corridor. All 20 countries with existing contracts with Coastal GasLink now have the opportunity to become business partners through shareholding. Nations has established two entities representing 16 communities that have confirmed support for option contracts. CGL First Nations Limited Partnership and FNCGL Pipeline Limited Partnership. The formal establishment of these contracts stems from the interest of indigenous groups throughout the project corridor to become owners of Coastal GasLink along with Alberta Investment Management Corporation, KKR, and TC Energy.
Equity Options recognizes TC Energy and Coastal GasLink’s desire to be a key relationship and true partner with indigenous groups along approved pipeline routes. Equity options offer contracts, employment and other long-term profit opportunities, in addition to the 20 contracts Coastal GasLink has signed with indigenous groups along the route. Equity options can be exercised after the pipeline is in commercial operation and require the approval and consent of regular regulatory agencies, including the consent of LNG Canada.
“The signing of an option contract represents a historic milestone in our desire to participate as a shareholder in Coastal GasLink. For many of us, our country crosses our territory. This is the first time we have been included as the owner of a major natural resource project. This transaction is important because it demonstrates the value that First Nation can bring as a true partner of a major project. “
- Corrina Leween, Chief of Cheslatta Carrier Nation, a member of the CGL First Nations Limited Partnership Management Committee
“We’ve seen industries and governments generate revenue from running projects for years, and we’re living under the influence. This investment in Coastal GasLink is the life of the project. It aligns the interests of the industry and indigenous peoples throughout the cycle and eventually begins to change the landscape. “
- Chief Justin Napoleon, Saulteau First Nations, a member of the FNCGL Pipeline Limited Partnership
“We are proud to advance our relationships with indigenous communities throughout the route through our stake in Coastal GasLink. Together, as business partners, we learn, grow and change how energy is developed in Canada. There is an opportunity. This is one way to proceed with the reconciliation. “
- Francois Poirier, President and Chief Executive Officer of TC Energy
“We recognize that lasting relationships need to include long-term financial opportunities to support the resilience of indigenous communities. We learn a lot from these relationships. We continue to value the opportunity to be a true partner with the indigenous community throughout the life cycle of this project. “
- Bevin Wirzba, President of Coastal GasLink
About Coastal Gas Link
Coastal GasLink will build a 48-inch, 670 km (416 mile) pipeline from the Groundbirch area west of Dawson Creek, BC to a liquefied natural gas export facility under construction by LNG Canada and its joint venture. We transport natural gas safely. -Before the construction of a venture partner near Kitimat, BC, the approved coastal gas link route will have indigenous, landowner, stakeholder opinions, environmental, archaeological and cultural value, and land use suitability. It was decided in consideration of safety, feasibility and economy. Coastal GasLink meets stringent environmental and safety standards while meeting the growing demand for cleaner energy. In the course of the project, Coastal GasLink will create more than 4,500 short-term jobs and bring millions of economic benefits to the community. Coastal GasLink promises to hire locals and indigenous peoples first, offering jobs and contract opportunities that benefit the British Columbia, state, and Canadian economies. TC Energy operates the pipeline while it is in operation. With an initial capacity of 2.1 billion cubic feet (bcf / d) per day, Coastal GasLink will be the first direct route connecting Western Canada’s abundant sedimentary basin supply to the global market. For more information, please visit CoastalGasLink.com.
About TC Energy
We are an important part of our daily lives — providing the energy that millions of people rely on to empower their lives in a sustainable way. We are there thanks to a safe and reliable network of natural gas and liquid pipelines, as well as power plants and storage facilities wherever we are. Guided by our core values of safety, innovation, responsibility, collaboration and integrity, our employees make a positive difference in the communities we operate in Canada, the United States and Mexico.
Common stock of TC Energy is traded on the TSX and New York (NYSE) stock exchanges under the TRP symbol. For more information, please visit TCEnergy.com.
Information about the future outlook
This release contains specific information that looks to the future and is subject to significant risks and uncertainties (such statements are typically “expect”, “expect”, and “believe”. , “May”, “do”, “should”, etc. “,” estimate “,” intention “or other similar words). The forward-looking statements in this document provide information to TC Energy’s securities holders and potential investors about TC Energy and its subsidiaries, including management’s assessment of the future plans and financial outlook for TC Energy and its subsidiaries. Is intended to provide. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on the information available at the time of the statement and do not guarantee future performance. Do not overly rely on forward-looking information or use future-oriented or financial outlook for any purpose other than its intended purpose, as actual results may differ materially from forward-looking information. We will not update any forward-looking information for new or future events, except as required by law. For additional information on the assumptions made and the risks and uncertainties that the actual results may differ from the expected results, the latest submitted under the TC Energy profile on SEDAR at www.sedar.com. See our Quarterly and Annual Report for Shareholders. We also work with the US Securities and Exchange Commission (www.sec.gov).
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TC Energy has signed an equity option agreement with the indigenous community throughout the Coastal GasLink project corridor, the Canadian Business Journal.
Source link TC Energy has signed an equity option agreement with the indigenous community throughout the Coastal GasLink project corridor, the Canadian Business Journal.