LNG Canada equity option agreement with five First Nations

KITIMAT — LNG Canada has reached an agreement with five neighbouring First Nations in northern B.C. that would provide them an option to invest up to $1-billion in the project’s proposed second phase.

The equity option agreement is with MNT Investments LP, which includes development organizations from the Gitga’at, Gitxaała, Haisla, Kitselas and Kitsumkalum.

MNT would be able to buy a majority stake in a special-purpose entity that would in turn buy a storage tank to be built as part of LNG Canada’s second phase.

The tank would then be leased back to LNG Canada for as long as the project in Kitimat, B.C., operates.