{"id":8014,"date":"2015-05-11T06:04:03","date_gmt":"2015-05-11T11:04:03","guid":{"rendered":"http:\/\/olduvai.ca\/?p=8014"},"modified":"2015-05-11T06:04:03","modified_gmt":"2015-05-11T11:04:03","slug":"petronas-hoping-to-buy-first-nations-tribes-support-for-1-billion","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=8014","title":{"rendered":"Petronas Hoping To Buy First Nations Tribes\u2019 Support For $1 Billion"},"content":{"rendered":"<h3><a href=\"http:\/\/oilprice.com\/Energy\/Natural-Gas\/Petronas-Hoping-To-Buy-First-Nations-Tribes-Support-For-1-Billion.html\" target=\"_blank\">Petronas Hoping To Buy First Nations Tribes\u2019 Support For $1 Billion<\/a><\/h3>\n<p>Petronas is willing to pony up nearly $1 billion to secure the support of First Nations tribes in western Canada for its natural gas export project. The Malaysian state-owned oil company is\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-05-01\/petronas-group-offers-aboriginals-c-1-billion-for-lng-support\">offering<\/a>\u00a0C$1.15 billion (USD$950 million) to the Lax Kw\u2019alaams tribe in order to build an LNG export facility at the Prince Rupert port.<\/p>\n<p>The offer would consist of annual payments over 40 years. For example, Petronas would pay over $12 million in the first year, with payments rising by 1 to 5 percent annually (depending on production), culminating in a $50 million payment in the 40th year. Also, tribe members would have a sort of preferred status for open jobs at the Petronas\u2019 Pacific Northwest LNG facility. The offer<a href=\"http:\/\/www.theglobeandmail.com\/report-on-business\/industry-news\/energy-and-resources\/pacific-northwest-lng-venture-offers-1-billion-for-aboriginal-consent\/article24203113\/\">amounts<\/a>\u00a0to about $320,000 per person. The Lax Kw\u2019alaams tribe will vote on the offer in May.<\/p>\n<p><a href=\"http:\/\/oilprice.com\/Energy\/Oil-Prices\/Is-This-The-Top-For-Oil-Prices-For-Now.html\"><strong>Related:\u00a0Is This The Top For Oil Prices For Now?<\/strong><\/a><\/p>\n<p>The tribes argue the price is hardly exorbitant. When one considers it will be spread over 40 years and the project will result in large land use impacts on local communities, the $1 billion is a fair price. \u201cThis will be a real game-changer for many First Nations in terms of how they can build their future,\u201d John Rustad, the Aboriginal Relations and Reconciliation Minister in British Columbia, told the Globe and Mail in an interview on April 30.<\/p>\n<p>Interestingly, it could create a new benchmark for major fossil fuel projects on indigenous lands. For other projects to move forward, affected tribes could use the pending offer for the Lax Kw\u2019alaams as leverage.<\/p>\n<p>The big offer from Petronas is somewhat of an afterthought for the C$36 billion proposal. That steep price tag has forced a rethink within the Malaysian company. In December 2014, Petronas decided to\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2014-12-03\/petronas-to-defer-final-investment-decision-on-canada-project-i396was7\">put off<\/a>\u00a0a final investment decision, hesitating to commit that much money to an LNG export project during a period in which LNG markets are not doing so well.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Petronas Hoping To Buy First Nations Tribes\u2019 Support For $1 Billion Petronas is willing to pony up nearly $1 billion to secure the support of First Nations tribes in western Canada for its natural gas export project. The Malaysian state-owned oil company is\u00a0offering\u00a0C$1.15 billion (USD$950 million) to the Lax Kw\u2019alaams tribe in order to build [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,4],"tags":[65,94,103,1342,5333,1714,1190,1715,5306],"class_list":["post-8014","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-environment","tag-bc","tag-british-columbia","tag-canada","tag-first-nations","tag-lax-kwalaams","tag-liquified-natural-gas","tag-lng","tag-petronas","tag-prince-rupert"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8014"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8014\/revisions"}],"predecessor-version":[{"id":8015,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8014\/revisions\/8015"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}