The Moricetown Band said it has reached agreements for two proposed natural gas pipeline projects to become partners in B.C.’s liquefied natural gas industry and opening the door to economic growth within its community and membership.
Through a pipeline benefits agreement signed with the Province for TransCanada’s proposed Coastal GasLink pipeline project, the Moricetown Band will receive approximately CAD 6 million as project milestones are reached: CAD 998,000 upon the agreement coming into effect, CAD 2.49 million when construction begins, and CAD 2.49 million once the pipeline is operating. It is the sixth agreement between the Province and First Nations for the CGL project.
Moricetown will also join the First Nations Limited Partnership and share in the benefits associated with the proposed Pacific Trail Pipeline project. Moricetown is the 16th and final First Nation or Band to join the Partnership which will share in CAD 32 million in benefits once construction has started.
In addition to construction-related milestone payments, the Band will receive a yet-to-be-determined share of CAD 10 million a year in ongoing benefits per project. The ongoing benefits will be available to First Nations along the natural gas pipeline routes. The B.C. government anticipates signing similar agreements with other First Nations in the near future.
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Press Release; Image: gov.bc.ca