Controversy surrounding the Enbridge Inc. (TSX:T.ENB, Stock Forum) pipeline debacle is only increasing as First Nations in B.C. voice their opposition to the oil giant.
Enbridge’sproposed Northern Gateway pipeline, which has not yet been approved, would see a pipeline carry both refined crude and diluted oil sands bitumen from Edmonton, Alberta to Kitimat, northern coast of B.C
Among the most publicly opposed are those with the Yinka Dene Alliance. The alliance includes Nadleh Whut’en, Nak’azdi, Takla Lake, Saik’uz and Wet’suwet’sn First Nations in Northern B.C. who have banned the Enbridge pipeline from their territories.
A public declaration states, “We will not allow the proposed Enbridge Northern Gateway Pipelines, or similar Tar Sands projects, to cross our lands, territories and watersheds, or the ocean migration routes of Fraser River salmon. We are adamant and resolved in this declaration, made according to our Indigenous laws and authority.”
The areas currently being banned include the Fraser, Stuart, Endako and Salmon River.
At present, Alberta Premier, Alison Redford and British Columbia Premier, Christy Clark are sparring over a how to divide revenue from the proposed project.
On Monday, Enbridge was trading at $41.83 a share. The company has a market cap of $33.2 billion, based on 794.9 million shares outstanding. The 52-week high and low was $42.23 and $28.27 respectively.