Mikisew Cree First Nation (MCFN) has signed a participation agreement for the purchase of a 14.7% interest in Suncor’s East Tank Farm Development.
MCFN will pay 14.7% of the actual capital cost of the East Tank Farm Development once the assets became operational, which is anticipated to be in the second quarter of 2017.
Its share of the actual capital cost is anticipated to be approximately $147 million which will be payable to Suncor upon closing.
Suncor will be the operator of the development once operational.
Chief Steve Courtoreille, MCFN, says: ‘The signing of this agreement has great significance for our people. It means long-term financial stability and increased independence while helping ensure future generations of our community remain a partner in regional development.’
The tank farm development will consist of bitumen storage, blending and cooling facilities and connectivity to third party pipelines.