Suncor Energy is partnering with 8 Indigenous communities in the RMWB to acquire a stake in a pipeline.
The Limited Partnership called Astisiy, which means “thread made from sinew”, joins Suncor with Athabasca Chipewyan First Nation, Chipewyan Prairie First Nation, Fort Chipewyan Métis Local #125, Conklin Métis Local 193, Fort McKay Métis Nation, McMurray Métis, Fort McMurray #468 First Nation, and Willow Lake Métis Nation.
“We’re excited to have eight new business partners in the RMWB and continue on our Journey of Reconciliation with yet another opportunity for increased participation by Indigenous communities in our business;” said Mark Little, President and Chief Executive Officer, Suncor Energy. “Suncor’s Journey includes our commitment to learn about Indigenous culture and history with open hearts and minds, to stretch our perspectives, and build genuine relationships with Indigenous Peoples based on mutual trust and respect.”
Astisiy LP is acquiring all of TC Energy’s 15 per cent equity interest in the Northern Courier Pipeline, which has an approximate value of $1.3 billion.
“This partnership is historic as it includes Métis communities – nothing like this has been done before,” said Peter Hansen, President, Fort McMurray Métis. “Astisiy will provide our community with stable revenue over many years to come and will allow us to continue with cultural programming and other community initiatives that otherwise may not have been able to proceed.”
The partnership is expected to generate gross revenues of around $16 million annually for the partners.
“There has been a lot of talk about reconciliation. But Suncor is walking the talk,” said Ron Quintal, President, Fort McKay Métis Nation. “This is an investment in a better Canada. And the benefits of this partnership model are sustainable long-term revenue for our community’s housing, social services and education. This is further recognition of the Fort McKay Métis Nation’s s.35 rights within our traditional territory.”
The Indigenous communities secured a loan of up to $40 million from the Alberta Indigenous Opportunities Corporation to help fund this transaction.
The Northern Courier Pipeline is located in the RMWB, connecting the Fort Hills asset to the East Tank Farm Development (ETF). The pipeline consists of two 90-kilometre pipelines that transport heated or diluted bitumen and condensate, diesel or crude from Fort Hills to the ETF.
