CEO of TransCanada Corp.’s Energy East pipeline says no equity stake for First Nations

The CEO of TransCanada Corp.’s Energy East pipeline has
said there will be no equity stake for First Nations in the $12-billion project as the company looks for approvals. The pipeline will span 4,500 kilometres from Alberta’s oil sands to New Brunswick for export markets. Enbridge Inc. had offered Nations 10 per cent ownership of its Northern Gateway pipeline to the West Coast for communities impacted by the development, though opposition remains in face of risks of oil spills and loss of traditional culture. “There are other ways to achieve similar economic benefit without the complications of equity,” Russ Girling is quoted in the Globe and Mail. “I think what these communities are looking for is sustainable employment, which they can operate and control. And we’ve come up with numerous ways of achieving that and I think those have proved to be the best path to achieving both parties’ objectives.” The Energy East pipeline will pass through and near 180 Aboriginal communities.