NLE to invest US$1 billion in Keystone XL pipeline

Natural Law Energy (NLE) has agreed to make an equity investment of up to US$1 billion in TC Energy Corporation’s Keystone XL pipeline project.

The first phase of the transaction is expected to close third-quarter 2021, contingent on NLE securing financing.

As Keystone XL is built, TC Energy will create opportunities for additional Indigenous communities along the project’s corridor both in Canada and the US.

The current initiative is in addition to the more than US$600 million in Indigenous supplier and employment opportunities expected to be created during the pipeline’s construction.

The agreement also allows the possibility of NLE pursuing an interest in future TC Energy liquids projects.

NLE was created as a coalition of First Nations in Saskatchewan and Alberta to pursue economic opportunities for the wealth and benefit of Indigenous Peoples.

Source: Oil & Gas Journal