en.Wedoany.com Reported - MNT Investments LP has secured an equity option agreement to invest up to $1 billion CAD to acquire a majority stake in a special purpose entity. This entity will purchase planned liquefied natural gas (LNG) storage tanks, which are part of the proposed Phase 2 expansion of LNG Canada. These assets will be leased back to LNG Canada over the project's operational life, with LNG Canada continuing to be responsible for the safe operation and maintenance of the facility, storage tanks, and related infrastructure. This transaction will be one of the largest Indigenous equity holdings in a major Canadian infrastructure project and represents a significant Indigenous investment in Canada's LNG sector.
The equity option agreement is contingent upon approval of the Phase 2 expansion by LNG Canada's joint venture partners. The project is located on the traditional territory of the Haisla Nation in Kitimat, British Columbia. The final investment decision for Phase 2 is targeted by the end of 2026. This investment will provide participating First Nations with a majority equity stake in the key infrastructure of Canada's largest LNG export facility, enabling Indigenous communities to participate in the equity of this national and provincial priority project from the construction phase, marking an evolution in Indigenous infrastructure ownership.
Chris Cooper, President and CEO of LNG Canada, stated that this announcement represents an ongoing commitment to reconciliation by creating a path for Indigenous equity in the proposed Phase 2 expansion. The agreement recognizes that Indigenous communities should have the opportunity to participate in major investments, not only through employment, training, procurement, and community benefits, but also through long-term ownership and value creation on a global scale. Collaboration with the Gitga'at, Gitxaała, Haisla, Kitselas, and Kitsumkalum nations is working towards a shared vision to help Canada become one of the world's top five LNG exporters and supply safe, reliable, low-carbon LNG to the world.
Since commencing operations on June 30, 2025, LNG Canada and its joint venture partners have safely shipped over 100 LNG cargoes. LNG Canada and its joint venture partners continue to explore potential paths for Phase 2 expansion, which may include adding two additional LNG processing trains and increasing total plant capacity to up to 30 million tonnes per year.
Arnold Clifton, Elected Chief of the Gitga'at First Nation, noted that the Gitga'at First Nation is honored to be part of this journey. The partnership with LNG Canada and the five nations at the MNT table demonstrates that the whole is greater than the sum of individual contributions. This partnership will bring benefits for generations to come, further positioning the North Coast as a global energy hub for LNG.
Luugagwelks (Linda Innes), Elected Chief of the Gitxaała Nation, stated that as the oldest community on the North Coast, Gitxaała has always managed the lands, waters, and resources of this region. This historic agreement reflects that responsibility and proves that there can be a different path for Indigenous peoples and major resource development in Canada. The agreement marks a fundamental shift in the way development occurs within their traditional territory, with Indigenous peoples participating as equity owners and true partners. This agreement confirms the ownership of Gitxaała territory, giving Indigenous peoples a seat at the table in decisions affecting their economy, environment, and stewardship responsibilities.
Maureen Nyce, Elected Chief of the Haisla Nation, stated that for nearly fifteen years, the Haisla Nation has managed a sustainable, nation-building LNG industry in a manner consistent with Indigenous values. This announcement demonstrates what can be achieved when industry and Indigenous communities come together as partners, investors, and decision-makers, creating generational prosperity for the Haisla Nation and neighboring nations. The agreement marks a new normal where Indigenous equity and ownership in energy infrastructure become standard practice.
Glenn Bennett, Elected Chief of the Kitselas First Nation, speaking on behalf of the nation, stated that true reconciliation involves equity, ownership, and long-term value creation. This agreement enables Indigenous participation in Canada's energy future by acquiring a stake in LNG Canada's storage tank infrastructure, ensuring that this future directly sustains the future generations of the community.
Diane Collins, CEO of the Kitsumkalum Economic Development Group, noted that from the Gradual Civilization Act of 1857 to today, where Indigenous peoples are recognized as First Nations and stand alongside energy industry giants in commercial achievements, this is reconciliation in action.
LNG Canada operates an LNG export facility on the traditional territory of the Haisla Nation in Kitimat, British Columbia, currently producing LNG through two processing units. The joint venture is comprised of Shell plc (40% through Shell Canada Energy), PETRONAS (25% through North Montney LNG Limited Partnership), PetroChina Company Limited (15% through PetroChina Kitimat LNG Partnership), Mitsubishi Corporation (15% through Diamond LNG Canada Partnership), and Korea Gas Corporation (5% through Kogas Canada LNG Partnership), and is operated by LNG Canada Development Inc. LNG Canada's 225,000 cubic meter storage tanks are the largest in Canada and among the largest in the world, supporting one of North America's largest LNG export facilities. The tanks feature a 9% nickel alloy steel inner tank with cryogenic insulation, standing 56 meters high with a diameter of 92 meters.
