ALBERTA – Suncor Energy and the Fort McKay First Nation have signed a participation agreement for the First Nation to take a 34.3% equity interest in the East Tank Farm development. The Fort McKay First Nation will pay 34.3% of the capital cost of developing the tank farm once the assets become operation, anticipated to be Q2 2017.
The East Tank Farm is currently under construction in the Wood Buffalo region. The facility consists of bitumen storage, blending and cooling, as well as connectivity to third party pipelines.
The First Nation’s share of development is estimated to be $350 million. Revenue from long term agreements with the Fort Hills oil sands mine now under development will underpin Fort McKay First Nation’s independent financing of the transaction. Suncor will be the operator of the East Tank Farm development when it comes on line.
Complete information about the Fort Hills project is available at http://forthills.Suncor.com/