Lheidli T’enneh Nation and McLeod Lake Indian Band are now looking to develop their own petrochemical plant.
The bands have announced they finalizing an agreement with Formula Capital Corporation to examine developing facilities for the processing and upgrading of natural gas liquids. The proposed processing complex will be located within the proposed Shas Ti-Dlezeh Industrial Park located approximately 40 kilometres north of Prince George.
“Today’s announcement builds on the vision of our two nations’ established partnership to develop the Shas Ti-Dlezeh Industrial Park in the North Fraser area,” said Dayi Clay Pountney of the Lheidli T’enneh. “We are pleased to welcome Formula Capital Corporation as a partner to explore a natural gas liquids (NGL) complex in the new industrial park.”
The partnership comes after West Coast Olefins, which is proposing to build a $5.6 billion petrochemical plant in the area, has run afoul of both bands. West Coast Olefins proposed to build its plant in the BCR Industrial site in Prince George. However, comments made by CEO Ken James angered Pountney and the band did not give its support. Olefins then announced it was negotiating a deal with the McLeod Lake Indian Band to build the plant on its traditional territory.
Shortly after that, the two bands announced it was seeking Crown land on which to develop the industrial park north of Prince George. West Coast Olefins followed that with an announcement it was returning to the BCR Industrial site.
“We look forward to developing another successful business with local partners we know well and trust,” said McLeod Lake Indian Band Chief Harley Chingee. “The entire region will benefit from this project.”
Formula Capital Corporation is owned by Brian Fehr of the BIDGroup. Its CEO is Paul Tiefensee.
“Formula Capital is extremely proud and looks forward to working in partnership with MLIB and LTN,” said Tiefensee. “Our senior management and ownership believe in developing genuine partnerships with Indigenous people to actively contribute to First Nations reconciliation. As a locally owned company and industry leader we understand the importance of having a major project such as this, located in the north.”