Indigenous groups set to purchase Enbridge pipeline stakes in Athabasca region for $1.12B

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:

Metis Settlements