Stoney Nation and Joint Venture Agreement

joint venture agreement: The First Nation is located 60 kilometres west of Calgary and has signed a joint venture agreement with Hong Kong-based Huatong Petrochemical Holdings Ltd. to explore and develop oil and gas deposits on Stoney Nation lands. , according to Canadian Broadcasting Corporation, CBC. "The magnitude of this new agreement between Huatong and the Stoney Nations will hopefully bring us one step closer to self-sufficiency for our nation and people," said Bruce Labelle, chief of the Chiniki Nation, which is one of the Stoney Nakoda nations. Alberta Stoney Nakoda First Nation says it has signed a "huge" deal with a Chinese petrochemical company to develop oil and gas on its land. About 49,000 hectares of land will be explored and developed through the agreement, with Huatong providing all necessary funding possibly hundreds of millions of dollars and Nakoda Oil Gas Inc. acting as the primary operator for the joint venture. (news.financializer.com). As reported in the news.