Tensions rise as police block more access to Wet’suwet’en territory
Militarized RCMP Raid Gidimt’en Monitoring Post at 39KM
SHARE WIDELY – This morning at approximately 4:30am, heavily militarized RCMP invaded unceded Wet’suwet’en territory to facilitate construction of the Coastal Gaslink pipeline. Dozens of cops with dogs and assault rifles were used to arrest 6 unarmed people. This was a monitoring post, set up to look out for Wet’suwet’en people further up the road at the Gidimt’en Checkpoint and Unist’ot’en Camp. NO ONE was violating any injunction. RCMP said they would use the least amount of force possible, but they deployed a full scale invading force. We have never ceded or surrendered this land and we never will. We stand strong. No amount of force will stop us from being Wet’suwet’en, or living on our lands. Two camps currently face the prospect of militarized police violence. We won’t back down. All eyes on #Wetsuweten yintah! #WETSUWETENSTRONG Donate: https://www.gofundme.com/f/gidimt039e… Other ways to support: https://www.yintahaccess.com/take-act…
WHO is COASTAL GASLINK PIPELINE ?
|Coastal GasLink Pipeline|
|Partners||LNG Canada, Korea Gas Corporation, Mitsubishi, PetroChina, Petronas|
LNG Canada shareholders ?
The total investment, estimated at $40 billion, was approved on October 1, 2018, by the shareholders of the project, which are subsidiaries of five international companies: Royal Dutch Shell Plc. (40%, lead partner), of the UK and Holland; PETRONAS (25%), of Malaysia; PetroChina Co.
Coastal GasLink Pipeline – Wikipedia
A $6.6 billion natural gas pipeline being pushed through Wet’suwet’en Nation territorial lands in Northern B.C. has been partly sold to a consortium including a South Korean pension plan.
In a businesswire release, Global investment firm KKR stated that it had bought a 65 per cent stake in the Coastal GasLink Pipeline Project, “primarily through a separately managed infrastructure account in partnership with the National Pension Service of Korea.”
The partnership bought the stake from TC Energy Corporation, a Calgary-based company selected by LNG Canada in 2012 to design, build and operate a pipeline from Dawson Creek to Kitimat. The $40 billion LNG Canada plant in Kitimat is under construction.
Brandon Freiman, head of North American Infrastructure at KKR, said the Coastal GasLink purchase was the third investment in infrastructure in Canada’s natural gas industry.
It is also a project at the centre of a standoff between hereditary chiefs from the Wet’suwet’en Nation and Coastal GasLink, backed by the RCMP.
The RCMP on Monday blocked access to three Wet’suwet’en camps (one permanent) along the Morice West Forest Service Road (west of Houston) that are blocking Coastal GasLink from accessing its work site further up the one-way road.
The issue has been simmering since last January when the RCMP (acting on a court injunction guaranteeing workers access to the road) arrested 14 people after storming the Gidimt’en checkpoint military style. The hereditary chiefs then signed an agreement allowing the pipeline workers temporary access.
That was revoked on Jan 3, 2020, after which Coastal GasLink workers agreed to leave the site.
However, another court injunction was obtained by the pipeline builder and the RCMP and hereditary chiefs are now negotiating a way to avoid a violent conflict at the site.
On Tuesday, Coastal GasLink president David Pfeiffer said he wanted to meet with the Wet’suwet’en Nation hereditary clan chiefs.
Na’moks, who leads one of five clans of the Wet’suwet’en Nation, said that the chiefs won’t meet with industry representatives, only “decision makers” in the provincial and federal governments and RCMP leadership.
Coastal GasLink has signed agreements with all 20 elected First Nations along the pipeline route, including elected Wet’suwet’en councils that have authority on reserves, but the hereditary clan chiefs say no one is allowed on their broader 22,000-square kilometre territory without their consent.
Premier John Horgan said Monday the pipeline was vital to the region’s economic future and will be built despite the Wet’suwet’en chiefs’ objections, adding that the courts have ruled in favour of the project.
“Things are quite tense,” Na’moks said Tuesday, promising that pipeline opponents will remain peaceful.
On Wednesday, the Union of B.C. Indian Chiefs, the B.C. Civil Liberties Association, B.C. Government and Service Employees’ Union and UBC School of Law Professor Margot Young will hold a press conference to protest the RCMP’s exclusion zone.
— with files from Canadian Press
TC Energy sells 65% stake in Coastal GasLink Pipeline
TC Energy Corp. [TRP-TSX] has struck a deal to sell a 65% equity stake in the Coastal GasLink Pipeline project to KKR and Alberta Investment Management Corp. (AIMCo) on behalf of certain AIMCo clients.
Concurrent with the completion of the sale, TC Energy expects that Coastal GasLink will enter into a secured project financing construction credit facility with a syndicate of banks to finance up to 80% of the project during construction.
Coastal GasLink involves the construction of 670 kilometres of pipeline and associated facilities. Once complete, the pipeline will have an initial capacity of 2.1 billion cubic feet per day and connect a supply of natural gas supply from Dawson Creek, British Columbia to the LNG Canada liquefaction and export facility being constructed in Kitimat, B.C.
The Douglas Channel near Kitimat provides a suitable coastal port for the export of liquified natural gas to global markets.
All necessary regulatory permits have been received for the project and construction activities have commenced.
After the transaction closes, TC Energy will hold a 35% limited partnership equity interest in Coastal GasLink and will be contracted by the limited partnership to construct and operate the pipeline. This transaction was contemplated in the company’s agreements with LNG Canada, a joint venture among Royal Dutch Shell PLC, Malaysia’s Petroliam Nasional Bhd., PetroChina, Mitsubishi, and South Korea’s KOGAS.
“The partial monetization of Coastal GasLink advances our ongoing efforts to prudently fund our $30 billion secured capital program while maximizing value for our shareholders,’’ said TC Energy President and CEO Russ Girling.
“We look forward to establishing a long-term relationship with KKR and AIMCo as we advance this critical energy infrastructure project,’’ he said. “We remain fully committed to the project and will continue to construct, deliver and operate the pipeline on behalf of the partnership.”
TC Energy shares advanced on the news rising 0.23% or 16 cents to $70. The shares are currently trading in a 52-week range of $47.90 and $70.25.
Under the terms of the sale, TC Energy will receive upfront proceeds that include the reimbursement of KRR and AIMCo’s proportionate share of the project costs incurred as of the date of closing as well as additional payment streams through the project’s construction and operation.
The company expects to record an after-tax gain of approximately $600 million upon closing of the transaction, which includes the gain on sale, required revaluation of residual ownership interest to fair market value and recognition of previously unrecorded tax benefits.
TC Energy is working with 20 First Nations that have executed agreements with Coastal GasLink to provide them with an opportunity to invest in the project. As a result, in conjunction with the sale, the company will provide First Nations with an option to acquire a 10% equity interest in Coastal GasLink on similar terms.
CALGARY, Alberta & NEW YORK–(BUSINESS WIRE)–KKR, a leading global investment firm, today announced the signing of a definitive agreement to acquire, alongside Alberta Investment Management Corporation (AIMCo), a 65 percent equity interest in the Coastal GasLink Pipeline Project (Coastal GasLink or the Project) from TC Energy Corporation.
“We are excited to partner with TC Energy, a world class infrastructure developer, on this critical project”
Coastal GasLink involves the estimated CAD $6.6 billion construction of 670 kilometers (416 miles) of natural gas pipeline and associated facilities. Once completed, the pipeline will have an initial capacity of 2.1 billion cubic feet per day and connect abundant Western Canadian Sedimentary Basin natural gas supply from the Dawson Creek, B.C. area to the LNG Canada liquefaction and export facility being constructed in Kitimat, B.C. By displacing coal and diesel-fueled generation with cleaner burning natural gas, LNG Canada expects to reduce global GHG emissions by up to 60-90 million tonnes per year, equivalent to 20-40 coal plants being shut down.
All necessary regulatory permits have been received for the Project and construction activities have commenced. Coastal GasLink is backed by 25 year Transportation Service Agreements with the five LNG Canada owners.
“We are excited to partner with TC Energy, a world class infrastructure developer, on this critical project,” said Brandon Freiman, Member and Head of North American Infrastructure at KKR. “Coastal GasLink represents our third investment in infrastructure supporting Canada’s natural gas industry. We believe the export of Canadian natural gas to global markets will deliver significant benefits for the Canadian economy and local communities in Western Canada, and enable meaningful progress toward reducing global emissions.”
KKR is making the investment primarily through a separately managed infrastructure account in partnership with the National Pension Service of Korea (NPS).
HSBC Securities (Canada) Inc. and TD Securities Inc. are serving as financial advisors to KKR, and Osler, Hoskin & Harcourt LLP is acting as KKR’s legal counsel.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
NPS is a public pension fund in South Korea with assets under management of KRW 714.3 trillion ($620 billion) as at September 30, 2019. Established in 1988, the purpose of the fund is to maximize investment return while maintaining long-term fiscal stability to stabilize and promote public livelihood and welfare in Korea. With a distinct risk-return profile from traditional asset classes, alternative investments portfolio of NPS has contributed to generating sustainable returns for the total portfolio. NPS is headquartered in Korea and has 3 overseas offices in New York, London, and Singapore. For more information about NPS, please visit fund.nps.or.kr.
Kristi Huller or Cara Major