Fort Chipewyan, AB (September 28, 2022) – In partnership with 22 other First Nation and Métis communities, Fort Chip Métis has purchased a minority stake in seven pipelines in northern Alberta from Enbridge Inc.
The communities acquire an 11.57% non-operating interest in seven Enbridge operated pipelines in the Athabasca region of northern Alberta for $1.12 billion.
Enbridge says the assets are underpinned by long-life resources and long-term contracts that provide highly predictable cash flows.
This is the largest partnership transaction of its kind in North America to date. Athabasca Indigenous Investments, a newly created limited partnership representing 23 Treaty 6 and Treaty 8 First Nations and Metis communities, will steward the investment.
“This new agreement is a demonstration of reconcili-ACTION that supports a new model for participation in major projects on Indigenous lands,” said FCM President Kendrick Cardinal, adding that the opportunity, “also enables Indigenous communities to pursue self-determination on their terms with more stable revenues generated from our traditional lands.”
“We are our next generation’s ancestors. Let us keep that in mind by ensuring industry’s relationship with Fort Chip Métis prioritizes meaningful consultation and environmental stewardship. In this way, we continue to preserve and promote our culture, our land, our water, and our community for generations.”
The agreement is set to close within the next month.
The partner’s logo theme—”Seven Pipelines, Seven Generations”—references the partners’ commitment to long-term sustainability and environmental stewardship as well as the seven pipelines included in the transaction: the Athabasca, Wood Buffalo/Athabasca Twin and associated tanks; Norlite Diluent; Waupisoo; Wood Buffalo; Woodland; and the Woodland extension.
A press release will be held Wednesday, September 28, 11 a.m.to 12:15 p.m. MT, followed by a Q&A session. The event will be held at Enbridge Centre – 10175 101 St NW Suite 1800 in Edmonton, and livestreamed at alberta.ca/news. Speakers include the following stakeholders:
Al Monaco, President and Chief Executive Officer, Enbridge
Colin Gruending, Executive Vice President & President, Liquids Pipelines, Enbridge
Justin Bourque, President, Athabasca Indigenous Investments
Chief Greg Desjarlais, Frog Lake First Nation
Stan Delorme, Chairperson, Buffalo Lake Métis Settlement
Jason Kenney, Premier of Alberta
Chana Martineau, Chief Executive Officer, Alberta Indigenous Opportunity Corporation
About Fort Chip Métis: Fort Chip Métis is located in the oldest consecutively inhabited settlement in Alberta. It was established to preserve and promote Métis Culture, and provides services for the Métis people of Fort Chipewyan. To learn more about Fort Chip Métis, visit www.fortchipmetis.ca.
About Athabasca Indigenous Investments: Athabasca Indigenous Investments is a newly created limited partnership of 23 diverse Treaty 6 and Treaty 8 First Nations and Métis communities located in northern Alberta, that will steward the communities’ investment in seven Enbridge-operated pipelines. Participating communities include:
|Athabasca Chipewyan First Nation
|Fishing Lake Métis Settlement
|Kikino Métis Settlement
|Beaver Lake Cree Nation
|Frog Lake First Nation
|McMurray Métis Local 1935
|Buffalo Lake Métis Settlement
|Fort Chipewyan Métis Local 125
|Mikisew Cree First Nation
|Chard Métis Nation
|Fort McKay First Nation
|Onion Lake Cree Nation
|Chipewyan Prairie First Nation
|Fort McKay Métis Nation
|Saddle Lake Cree Nation
|Conklin Métis Local 193
|Fort McMurray 468 First Nation
|Willow Lake Métis Nation
|Cold Lake First Nations
|Heart Lake First Nation
|Whitefish Lake First Nation (Goodfish)
|Elizabeth Métis Settlement
|Kehewin Cree Nation
Media Contacts: Tammy Riel, Executive Director of Fort Chip Métis Nation｜email@example.com