Connect with us
[bsa_pro_ad_space id=12]

Alberta

EAST TANK FARM EQUITY ARRANGEMENT

Published

5 minute read

EAST TANK FARM EQUITY ARRANGEMENT

In the fall of 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 per cent interest in the East Tank Farm Development (ETFD) valued at approximately $500 million. The two First Nations independently financed the acquisition, with the offering structured and marketed by RBC Capital Markets.

The agreement is unprecedented in size and scale for the First Nations and Suncor and is part of a growing trend of Indigenous communities as equity owners. The investment will provide a steady stream of revenue to both FMFN and MCFN for a minimum period of 25 years. Located 35 kilometres north of Fort McMurray, the ETFD provides storage, cooling and blending services for bitumen received from Fort Hills.

At a signing ceremony on Nov. 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 per cent interest in Suncor’s East Tank Farm Development (ETFD).

The two First Nations independently financed the acquisition, with the offering structured and marketed by RBC Capital Markets. The agreement is unprecedented in size and scale for the First Nations and Suncor and is part of a growing trend of Indigenous communities as equity owners.

“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,” said Mark Little, president, Upstream, at the time of the signing and now Suncor’s president and CEO. “Through this partnership we’ve learned a lot about working together to create something significant, and I look forward to continuing to work together on this joint investment with Fort McKay First Nation and Mikisew Cree First Nation for many years to come.”

The agreement is held in a limited partnership with Suncor called Thebacha, the Dene word for “river.” The investment will provide a steady stream of revenue to both FMFN and MCFN for a minimum period of 25 years.

“The economic benefits generated from this deal will help our Nation to build capacity within our businesses, develop infrastructure in our community, fund social economic programs, and provide us with the means to help pay for education and training for our youth, and will be felt in our community for generations to come,” says MCFN Chief Archie Waquan.

Located 35 kilometres north of Fort McMurray, the ETFD is part of the existing East Tank Farm and adjoins the Hot Bitumen Terminal (HBT) and its associated tanks. Once Fort Hills begins to produce bitumen, the ETFD will receive the Fort Hills hot bitumen via the Northern Courier Pipeline.

“The deal represents one of the largest business investment to date by First Nation entities in Canada, and not only demonstrates the great potential for partnerships between First Nations and industry but serves as a model for how First Nations can achieve greater self-determination through financial independence,” said, FMFN Chief Jim Boucher, Chief at the time of the signing. “It is an example of how First Nations and natural resource development companies can find ways to support each other for the mutual long-term benefits.”

Thanks to Todayville for helping us bring our members’ stories of collaboration and innovation to the public.

Click to read a foreward from JP Gladu, Chief Development and Relations Officer, Steel River Group; Former President and CEO, Canadian Council for Aboriginal Business.

JP Gladu, Chief Development and Relations Officer, Steel River Group; Former President & CEO, Canadian Council for Aboriginal Business

Click to read comments about this series from Jacob Irving, President of the Energy Council of Canada.

Jacob Irving, President of Energy Council of Canada

The Canadian Energy Compendium is an annual initiative by the Energy Council of Canada to provide an opportunity for cross-sectoral collaboration and discussion on current topics in Canada’s energy sector.  The 2020 Canadian Energy Compendium: Innovations in Energy Efficiency is due to be released November 2020.

Read more on Todayville.

 

Hydro-Québec takes partnerships, environmental measures and sharing of wealth to new levels

 

 

 

The Energy Council of Canada brings together a diverse body of members, including voices from all energy industries, associations, and levels of government within Canada. We foster dialogue, strategic thinking, collaboration, and action by bringing together senior energy executives from all industries in the public and private sectors to address national, continental, and international energy issues.

Follow Author

Alberta

TC Energy shuts down Keystone pipeline system after leak in Nebraska

Published on

CALGARY — TC Energy Corp. says it has shut down its Keystone pipeline after a leak in Nebraska.

The company says it has mobilized people and equipment in response to a confirmed release of oil into a creek, about 32 kilometres south of Steele City, Neb.

TC Energy says an emergency shutdown and response was initiated Wednesday night after a pressure drop in the system was detected.

It says the affected segment of the pipeline has been isolated and booms have been deployed to prevent the leaked oil from moving downstream.

The Keystone pipeline system stretches 4,324 kilometres and helps move Canadian and U.S. crude oil to markets around North America.

TC Energy says the system remains shutdown as its crews respond and work to contain and recover the oil.

This report by The Canadian Press was first published Dec. 8, 2022.

Companies in this story: (TSX:TRP)

The Canadian Press

Continue Reading

Alberta

Two deputy chief medical officers resign from their positions with Alberta Health

Published on

Edmonton – Alberta’s two deputy chief medical officers of health are leaving their roles — less than a month after Dr. Deena Hinshaw was removed as the province’s top doctor.

Health Minister Jason Copping confirmed during question period Wednesday that both of the doctors have submitted letters of resignation.

“They are still continuing to work at this point in time,” he said in the legislature. “We are in the process of actually looking to fill those roles.”

A statement from Alberta Health said Dr. Rosana Salvaterra and Dr. Jing Hu, who are listed as public health physicians on the department’s website, have given notice.

When reached by her department email, Salvaterra responded: “Unfortunately, we are not able to comment.”

She later added that she respects and admires both Dr. Hinshaw and Dr. Hu.

“They are brilliant, hard-working, and compassionate public health physicians and I consider myself fortunate to have had the opportunity to work alongside them for these past 14 months.”

Salvaterra, who has extensive public health experience including as the medical officer of health for Peterborough, Ont., joined the office in October 2021.

Her career in public health includes work in “the COVID-19 response, mental health, the opioid response, women’s health, poverty reduction, health equity, community food security and building stronger relationships with First Nations.”

Hu’s out-of-office message said her “last day at work with Alberta Health was Nov. 18, 2022,” and noted she wouldn’t have access to the department email after that date.

She got extensive training in China and at the University of Calgary before joining the health department in January 2020.

Their resignations came within a month of Hinshaw, who became the face of Alberta’s public health response to the COVID-19 pandemic, being removed from her position.

Hinshaw was replaced by Dr. Mark Joffe, a senior executive member of Alberta Health Services, on an interim basis.

“Dr. Joffe will be supported by medical officers of health within AHS, by other staff in the Office of the Chief Medical Officer of Health, and by the Public Health Division,” said the statement from Alberta Health late Wednesday.

“We expect these changes to have no impact on the department’s and Dr. Joffe’s ability to meet the requirements of the Public Health Act.”

Hinshaw’s dismissal didn’t come as a surprise.

Premier Danielle Smith announced on her first day in office in October that she would be replaced.

Smith has made it clear that she blames both Hinshaw and Alberta Health Services for failing to deliver the best advice and care for Albertans as the hospital system came close to buckling in successive waves of the COVID-19 pandemic.

“A lot of the bad decisions were made by Alberta Health Services on the basis of bad advice from the chief medical officer of health,” Smith told reporters on Oct. 22.

Smith has not placed the blame on front-line doctors and nurses but broadly on AHS senior management. Joffe, while serving as chief medical officer of health, retains his role in AHS senior management as a vice-president responsible for areas in cancer and clinical care.

Hinshaw, an Alberta-trained public health specialist, became a celebrity of sorts in the first wave of the pandemic in the spring of 2020, as she delivered regular, sometimes daily, updates to Albertans on the virus, its spread and methods to contain it.

This report by The Canadian Press was first published Dec. 7, 2022.

— By Colette Derworiz in Calgary.

Continue Reading

Trending

X