The agreement would give MNT Investments—a partnership representing the economic development organizations of the five First Nations—the option to acquire a majority stake in a special-purpose entity that would own the new storage tank, News.Az reports, citing Reuters.
Under the proposed structure, the entity would finance the 225,000-cubic-meter LNG storage tank, one of the largest of its kind in the world, and lease it back to LNG Canada for the duration of the project’s operations. LNG Canada would continue to operate and maintain the facility and its associated infrastructure.
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The proposed investment marks another step in the growing participation of First Nations in Canada’s energy sector, where Indigenous communities are increasingly acquiring ownership stakes in projects built on their traditional lands to secure long-term economic benefits.
The storage tank is a key component of LNG Canada’s proposed Phase 2 expansion, which would add two additional liquefaction trains and increase the facility’s production capacity to as much as 30 million tonnes of LNG per year.
The ownership arrangement would also provide the participating First Nations with a direct stake in one of Canada’s largest energy infrastructure projects.
The proposal remains conditional on approval from LNG Canada’s joint venture partners, with a final investment decision on the Phase 2 expansion expected by the end of 2026.
LNG Canada, located on Canada’s Pacific coast, is the first LNG export terminal on North America’s West Coast, providing a direct shipping route to Asian markets. The project is jointly owned by Shell, Petronas, PetroChina, Mitsubishi Corporation, and Korea Gas Corporation (KOGAS).
