Suncor Energy is recognizing a ‘landmark agreement’ they made with two First Nations Groups two years ago.

Back on November 22, 2017, the oil company announced that the Fort McKay First Nation and the Mikisew Cree First Nation had acquired 49 per cent equity of their East Tank Farm Development for $503 million.

Through the deal, Suncor, Total E&P Canada, and Teck Resources pay monthly fees to use the area for bitumen storage, and cooling and blending services for Suncor’s Fort Hills oilsands project.

“The partnership has provided Mikisew with the financial means to address critical community priorities like housing, culture, educational support, economic sustainability, community infrastructure, youth and elder care,” said Chief Archie Waquan, MCFN, in a release.

Fort McKay has also seen similar results with the project helping them finance community infrastructure, housing, and more.

“This has proven that Fort McKay First Nation along with our partners Mikisew Cree First Nation and Suncor have created a relationship that benefits our communities greatly and strengthens the ties between industry and Indigenous partners,” added Chief Mel Grandjamb, FMFN.

This agreement remains one of the biggest investments ever made by First Nations in Canada.

The deal is expected to provide a steady stream of revenue to both the FMFN and MCFN for a minimum of 25 years.