{"id":802232,"date":"2026-07-14T22:35:12","date_gmt":"2026-07-14T22:35:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/802232\/"},"modified":"2026-07-14T22:35:12","modified_gmt":"2026-07-14T22:35:12","slug":"five-first-nations-sign-1-billion-equity-deal-for-lng-canadas-planned-storage-tank","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/802232\/","title":{"rendered":"Five First Nations sign $1-billion equity deal for LNG Canada\u2019s planned storage tank"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

A view of an LNG storage tank at the venture’s export terminal in Kitimat, B.C., in April, 2025.Aaron Whitfield\/The Globe and Mail<\/p>\n

Five First Nations have agreed to pay up to $1-billion for a majority equity stake in a massive storage tank that would be constructed if LNG Canada forges ahead with expansion plans at its export terminal in British Columbia.<\/p>\n

The transaction is contingent on LNG Canada\u2019s co-owners making a final investment decision later this year on plans to expand the terminal in Kitimat, from where liquefied natural gas has been exported to Asia since mid-2025.<\/p>\n

Shell PLC-led LNG Canada is this country\u2019s first export terminal for the fuel. The facility is located on a sprawling industrial site on the Haisla Nation\u2019s traditional territory in Kitimat in northwest B.C. <\/p>\n

The Haisla and four other First Nations \u2013 the Gitxaa\u0142a, Gitga\u2019at, Kitselas and Kitsumkalum \u2013 said in a joint news release with LNG Canada on Tuesday that the equity investment would be made through MNT Investments LP.<\/p>\n

MNT is a limited partnership representing the economic development arms of the five participating First Nations.<\/p>\n

MNT said in an e-mail to The Globe and Mail on Tuesday that it \u201canticipates raising capital through a bond issuance. The Nations are exploring the available Indigenous loan guarantee programs but no decisions have been made.\u201d<\/p>\n

Representatives from each of the First Nations praised the signing of the transaction, including statements issued by elected leaders of the Haisla and Kitselas.<\/p>\n

\u201cThis agreement marks a defining point in our collective history \u2013 one where Indigenous equity and ownership in energy infrastructure becomes the norm, not the exception,\u201d Haisla chief councillor Maureen Nyce said.<\/p>\n

Kitselas chief councillor Glenn Bennett said he is pleased that MNT has lined up an equity stake in the Kitimat terminal\u2019s future storage tank. \u201cWe are not just participating in Canada\u2019s energy future,\u201d he said. \u201cWe are ensuring that future directly sustains our community for generations to come.\u201d<\/p>\n

London-based Shell PLC owns the largest stake in LNG Canada at 40 per cent, followed by Malaysia\u2019s state-owned Petronas (25 per cent), Japan-based Mitsubishi (15 per cent), PetroChina (15 per cent) and South Korea\u2019s Kogas (5 per cent).<\/p>\n

Canada sees opportunity to further grow LNG and food exports to Asia<\/a><\/p>\n

Last September, U.S.-based MidOcean Energy acquired a 20-per-cent interest in key Petronas assets in Canada, including natural gas operations in northeast B.C. and the Petronas stake in LNG Canada.<\/p>\n

The transaction announced on Tuesday for the five First Nations would be for a majority ownership interest in the new storage tank and related infrastructure, and not a direct equity stake in LNG Canada. <\/p>\n

The new tank, which would become the second massive tank on the site, would be leased back to LNG Canada. The design calls for the tank to be 56 metres high (equivalent to a 12-storey-tall building) and 92 metres in diameter (almost the length of the playing field between the goal lines in Canadian football).<\/p>\n

\u201cThe transaction would represent one of the largest Indigenous ownership positions in major Canadian infrastructure and a significant Indigenous investment in Canada\u2019s LNG sector,\u201d according to the joint news release.<\/p>\n

Under LNG Canada\u2019s Phase 2 expansion proposal, the Kitimat terminal\u2019s export capacity could double to as much as 30 million tonnes a year.<\/p>\n

LNG Canada would be responsible for maintenance of the new storage and related infrastructure.<\/p>\n

\u201cOur announcement reflects our continued commitment to reconciliation by creating a pathway for Indigenous equity in our proposed Phase 2 expansion,\u201d LNG Canada chief executive officer Chris Cooper said in a statement.<\/p>\n

Critics say climate and health effects are being ignored, and the focus needs to be on renewable energy instead of fossil fuels.<\/p>\n

Those criticizing LNG include My Sea to Sky, the David Suzuki Foundation and the Canadian Association of Physicians for the Environment.<\/p>\n

A news release last month by those three groups and other critics of LNG warned about the effects of LNG Canada\u2019s excessive flaring of natural gas at the Kitimat industrial site. Flaring involves the controlled burning of natural gas.<\/p>\n

B.C.\u2019s energy regulator monitors air quality as LNG Canada seeks to reduce flaring<\/a><\/p>\n

Shell and Mitsubishi are considering altering their stakes in LNG Canada to help raise funds for Phase 2 expansion plans.<\/p>\n

But a group of Indigenous leaders in B.C, including from the Wet\u2019suwet\u2019en Nation, sent a letter recently to major pension funds to urge them to steer clear of making any investments that would support those expansion plans.<\/p>\n

LNG Canada\u2019s Phase 2 proposal is on the list of significant ventures of national interest to be considered for fast-tracking by the federal government\u2019s Major Projects Office.<\/p>\n

The Nisga\u2019a Nation-backed Ksi Lisims LNG proposal in northwest B.C. also made Ottawa\u2019s fast-tracking list.<\/p>\n

In March, LNG Canada agreed to take the lead role in developing plans for the potential expansion of the Coastal GasLink pipeline, which transports natural gas from northeast B.C. to Kitimat.<\/p>\n

Calgary-based TC Energy Corp. operates Coastal GasLink and owns 35 per cent of the pipeline.<\/p>\n

The final cost of building the first phase of LNG Canada is expected to be $48.3-billion, including the $18-billion Kitimat terminal, Coastal GasLink and other infrastructure, as well as annual budgets for future drilling in the North Montney region of northeast B.C.<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: A view of an LNG storage tank at the venture’s export terminal in…\n","protected":false},"author":2,"featured_media":802233,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-802232","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-business","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/802232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=802232"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/802232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/802233"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=802232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=802232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=802232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}