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He said the whole point of buying a stake in the pipeline is to get First Nation support by taking control of the pipeline and taking responsibility for environmental oversight.

“The best way for those who are worried about the environment is to have control over the thing you fear,” said LeBourdais.

He said he has had a discussion with one First Nation opposed to the project and it was positive.

PROVINCE

There have been discussions with the federal government and they have been positive as well, but First Nations may be a little ahead of Ottawa, said LeBourdais.

“We are a willing buyer. We need a willing seller,” he said.

At this point, First Nations are interested in a partial stake: perhaps one third or even a majority stake, said LeBourdais.

Models of how a transaction might look are being worked out by those interested in financing and partnering on the project, he said.

Federal finance ministry officials declined to respond to questions on what would be needed for Ottawa to seriously consider a First Nations’ proposal.

In a statement, the finance ministry said many investors have already expressed interest in the project, including Indigenous groups, Canadian pension funds and others. “The Government welcomes this interest and will proceed when it is in the best interest of Canadians to do so,” said the statement.

There are other First Nations not along the pipeline route also interested, including the Fort McKay and Mikisew First Nations in northeastern B.C., 400 kilometres or more from the Edmonton starting point of the pipeline. Last year, Fort McKay and the Mikisew raised $545 million through a bond issue to acquire a 49 per cent stake in Suncor Energy’s oilsands storage facilities north of Fort McMurray.