November 22, 2017, Suncor, Fort McKay First Nation (FMFN) and Mikisew Cree First Nation (MCFN) announced the completion of the acquisition by FMFN and MCFN of a 49% partnership in Suncor’s East Tank Farm Development for total proceeds of $503 million.*
This venture was completed without any government funding or involvement. It was strictly a commercial deal between Suncor and the two First Nations.
“Today we’ve completed a historic deal for energy development in Canada. This unique partnership has been part of a journey that demonstrates how innovative thinking and collaborative spirit can result in a mutually-beneficial opportunity and it has changed the way Suncor thinks about how our Aboriginal neighbours may participate in energy development.”
– Mark Little, CEO, Suncor.