Eight Indigenous groups and an Alberta-based energy company are becoming the co-owners of a pipeline in which the Alberta Investment Management Corp. has a majority stake.
The TC Energy Corp. is selling its 15 per cent stake in the Northern Courier Pipeline, which transports bitumen along a 90 kilometer route between Fort Hills Mine and a Suncor Energy facility north of Fort McMurray, Alta., to a consortium. The group consists of Athabasca Chipewyan First Nation, Chipewyan Prairie First Nation, Conklin Métis, Fort Chipewyan Métis, Fort McKay Métis Nation, Fort McMurray First Nation, McMurray Métis, Willow Lake Métis Nation and Suncor Energy Corp.
The pipeline, which is currently managed by TC Energy Corp, is valued at about $8.667 billion.
“Indigenous economic participation and ownership represents a significant step forward in ensuring the long-term viability of Alberta’s energy industry,” said Ben Hawkins, senior vice-president of infrastructure and renewable resources at the AIMCo, in a press release. “Suncor has a long history of collaboration with Indigenous stakeholders and is a well-established and highly-experienced pipeline operator. We look forward to working with our new partners in Norther Courier Pipeline and are confident that Suncor will oversee a smooth and safe transition of operatorship from TC Energy.”
The transaction is expected to close in the fourth quarter of 2021, subject to closing conditions and required regulatory approvals.