kodda/iStock via Getty Images
Enbridge (New York Stock Exchange: ENB) is Seeking approval Canada's Energy Regulator has agreed to sell a stake in its British Columbia natural gas pipeline system to indigenous groups, Bloomberg reported Friday.
The application would change the ownership structure of the pipeline system, allowing for possible indigenous owners, but it does not mean that a deal is imminent, Enbridge (ENB) told Bloomberg; the company also mentioned the filing in its earnings conference call.
Canadian energy companies are increasingly partnering with First Nations communities affected by their projects; rival TC Energy recently agreed to sell a stake in its NGTL pipeline system to 72 Indigenous communities in Western Canada, a deal that was also preceded last year by the filing of a regulatory application with the CER.
Enbridge (ENB) said last month it was working with First Nations groups on a wind project in Saskatchewan and has previously sold interests in oil pipelines to communities in Alberta.
Enbridge (ENB) is listed +0.6% after reporting second-quarter adjusted earnings that beat analysts' estimates and raising guidance for full-year adjusted EBITDA to C$17.7B$18.3B from its previous forecast of C$16.6B$17.2B.
