FORT MCMURRAY, ALTA. — Suncor has reached an agreement with two First Nations on its East Tank Farm Development project.
Fort McKay First Nation and Mikisew Cree First Nation announced their acquisition of a 49 per cent partnership in Suncor’s East Tank Farm Development for total proceeds of $503 million.
“The deal represents the largest business investment to date by a First Nation entity in Canada, and not only demonstrates the great potential for partnerships between First Nations and industry but serves as a model for how First Nations can achieve greater self-determination through financial independence,” said Jim Boucher, Chief of Fort McKay, in a press release. “This deal is built on a foundation of trust and collaboration between Fort McKay and Suncor; this is an example of how First Nations and natural resource development companies can find ways to support each other for the mutual long-term benefits.”
The project involves storage for bitumen and diluent, and a blending and cooling facility situated roughly 30 kilometres north of Fort McMurray, Alta. Much of the bitumen the project will be receiving will come from the Fort Hills oilsands mining project.
“We are ecstatic to see this partnership come to reality. It’s with great pride that we are part of this monumental deal. It has allowed us to collaborate in a true partnership and demonstrates the possibilities of how future successful business models between First Nations and industry across this country can be achieved,” said Archie Waquan, chief of Mikisew Cree First Nation. “The economic benefits generated from this deal will help our nation build capacity within our businesses, develop infrastructure in our community, fund social economic programs and provide us with the means to help pay for education and training for our youth. This will be felt in our community for generations to come.”
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