Suncor and Fort McKay First Nation today announced the signing of a participation agreement for the purchase and sale of a 34.3% equity interest in Suncor’s East Tank Farm Development to Fort McKay First Nation.Under the terms of the agreement, Fort McKay First Nation will pay 34.3% of the actual capital cost of the East Tank Farm Development once the assets become operational, which is currently anticipated to be in the second quarter of 2017.
‘The signing of this participation agreement is the result of many years of hard work and discussions to understand and identify areas of mutual interest. Through this process we developed greater understanding and trust, and we worked collaboratively to achieve this. I’m extremely proud that Suncor and Fort McKay First Nation have partnered on this historic and progressive deal,’ said Mark Little, executive vice president, Upstream, Suncor. ‘This agreement demonstrates a very positive evolution in our long-term relationships and a new way that we will work together.’
Fort McKay First Nation’s 34.3% share of the actual capital cost of the East Tank Farm Development is currently anticipated to be approximately $350 million which will be payable to Suncor upon closing. The transaction is subject to a number of closing conditions including the negotiation of definitive documentation, First Nations obtaining suitable financing, due diligence and other conditions customary for transactions of this nature and is anticipated to close in the second quarter of 2017.
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