In one of the largest deals of its kind in North America, 23 First Nations and Métis communities are set to purchase a minority stake in seven Enbridge Inc. pipelines in the Athabasca region.
Enbridge said that the purchase will be for an 11.57 per cent interest in the oil-rich region.
“On behalf of the Indigenous partners, we are proud to become equity owners in these high-quality assets which contribute to North American energy supply and security,” said Athabasca Indigenous Investments President Justin Bourque in the release.
The investment will be overseen by a new entity called Athabasca Indigenous Investments.
Worth $1.12 billion, this investment will provide a long-term stream of income for Indigenous communities.
“This project is exciting and historic in its scale. For all 23 Indigenous communities that are investing in these infrastructure assets, there is a more stable economic future ahead,” said Rick Wilson, Minister of Indigenous Relations
The 23 communities involved in the purchase are:
- Buffalo Lake Metis Settlement
- Kikino Metis Settlement
- Elizabeth Metis Settlement
- Fishing Lake Metis Settlement
Treaty 8 First Nations
- Athabasca Chipewyan First Nation
- Chipewyan Prairie First Nation
- Fort McKay First Nation
- Fort McMurray 468 First Nation
- Mikisew Cree First Nation
- Chard Métis Nation
- Conklin Métis Local 193
- Fort Chipewyan Métis Local 125
- Fort McKay Métis Nation
- McMurray Métis Local 1935
- Willow Lake Métis Nation
Treaty 6 First Nations
- Beaver Lake Cree Nation
- Cold Lake First Nations
- Frog Lake First Nation
- Heart Lake First Nation
- Kehewin Cree Nation
- Onion Lake Cree Nation
- Saddle Lake Cree Nation
- Whitefish/Goodfish Lake First Nation