Fort Chipewyan Métis Association partners with Suncor in historic equity agreement
Calgary, Alberta (September 16, 2021) – Fort Chipewyan Métis Local #125 (“Fort Chip”) has gained a profit-sharing stake in a new partnership with Suncor. Named Astisiy Limited Partnership (Astisiy), the group was formed to acquire the 15 percent of the Northern Courier Pipeline (NCP) previously held by TC Energy.
The partnership, which includes Suncor and seven other Indigenous communities in the Regional Municipality of Wood Buffalo (RMWB), will result in long-term, stable revenue for all communities involved.
Resulting from years of collaboration and negotiation, this partnership and the follow-on equity agreement represents a step towards economic reconciliation for Fort Chip and the other RMWB communities involved in Astisiy. Fort Chip sees it as a key development in their ongoing strategy to grow commercial enterprises that lead towards greater economic prosperity and independence.
“Fort Chip Métis is proud with the way all parties worked together to develop this game-changing partnership, which goes a long way to ensuring a vibrant future for the people of our community,” said Kendrick Cardinal, president of Fort Chip.
All communities in the partnership have secured loan guarantees from the Alberta Indigenous Opportunities Corporation and together with Suncor will own 15% of the pipeline. Revenue from the long-term transportation and terminalling services agreements supporting the pipeline, will flow to the owners.
About Fort Chip
Fort Chip Métis Local #125 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.
About the Northern Courier Pipeline assets
The Northern Courier Pipeline and associated storage facilities are located in the RMWB, connecting the Fort Hills asset to the East Tank Farm (ETF). The asset consists of two 90-kilometre pipelines that transport heated or diluted bitumen and condensate, diesel or crude from Fort Hills to the ETF; tank terminals also support the operation of the asset, including two 300,000 barrel bitumen storage tanks, one 150,000 barrel diluent storage tank and one 50,000 barrel diesel tank at the north end of the asset.
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Fort Chipewyan Métis Local #125 Media Inquiries Tammy Riel tammy.riel@fortchipmetis.ca |