Two northern Alberta First Nations have closed the deal on the purchase of a 49 per cent interest in a Suncor Energy oilsands storage facility for $503 million.
The acquisition by the Mikisew Cree and Fort McKay First Nations was first announced a year ago but was conditional on the First Nations securing funding.
The project, known as the East Tank Farm Development, is located about 30 kilometres north of Fort McMurray, Alta. According to a Suncor news release, the facility is a bitumen storage, blending and cooling operation handling production from the Fort Hills oilsands mining project. Continue Reading →