FMFN and MCFN acquire 49% of Suncor’s East Tank Farm Development

FMFN and MCFN acquire 49% of Suncor’s East Tank Farm Development

Suncor, Fort McKay First Nation (FMFN) and Mikisew Cree First Nation (MCFN) have announced the acquisition by FMFN and MCFN of a 49% partnership in Suncor’s East Tank Farm Development for total proceeds of C$503 million.

Chief of FMFN, Jim Boucher said: “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. 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.”

ST - Fort McKay

Chief of MCFN, Archie Waquan said: “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. 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.”

The East Tank Farm Development is a bitumen and diluent storage, blending and cooling facility located approximately 30 kilometers north of Fort McMurray, Alberta. It is primarily dedicated to servicing bitumen production from the Fort Hills oil sands mining project. Revenue from long-term terminal services agreements with the Fort Hills oil sands partners underpins the financing. Suncor is the operator of the East Tank Farm Development.

Suncor’s Upstream President, Mark Little said: “Today we’ve completed a historic deal for energy development in Canada. This unique partnership has been part of a journey that demonstrates how innovative thinking and collaborative spirit can result in a mutually-beneficial opportunity and it has changed the way Suncor thinks about how our Aboriginal neighbours may participate in energy development. Through this partnership, we’ve learned a lot about working together to create something significant and I look forward to continuing to work together on this joint investment with Fort McKay First Nation and Mikisew Cree First Nation for many years to come.”

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4th Dec 2017