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Alberta

EAST TANK FARM EQUITY ARRANGEMENT

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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.

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Alberta

WHL Roundup: Brayden Peters makes 27 saves, Hitmen open season with win over Rebels

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CALGARY — Brayden Peters made 27 saves for his first career shutout, and the Calgary Hitmen opened their Western Hockey League season with a 2-0 victory over the Red Deer Rebels on Friday.

Sean Tschigerl started the scoring at 14:30 of the first period, and Tyson Galloway added an insurance goal four minutes into the second for the Hitmen (1-0-0).

Ethan Anders stopped 29-of-31 shots for the Rebels (0-2-1), who are winless in three games to begin their year. 

OIL KINGS 4 TIGERS 2

EDMONTON — Dylan Guenther struck twice and Sebastian Cossa kicked out 32-of-34 shots as the Oil Kings (3-0-0) toppled Medicine Hat (2-1-0) to open their season with three straight victories.

This report by The Canadian Press was first published March 5, 2021.

The Canadian Press

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Alberta

Brier in the Bubble: Defending champion Gushue beats Epping in opening draw

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CALGARY — Brad Gushue picked up where he left off at the Canadian men’s curling championship on Friday night.

In his first game with the full foursome of Mark Nichols, Brett Gallant and Geoff Walker since winning the Tim Hortons Brier a year ago, the defending champs showed few signs of rust in a clinical 6-2 win over Ontario’s John Epping. 

Canada shot 91 per cent as a team while Gushue threw a perfect 100 per cent, numbers he felt may have been a little too kind. 

“To use a golf expression, there’s no pictures on the scorecard,” Gushue said with a smile. “There were some throws out there that were pretty gross. But we got a lot out of every shot. 

“I think we only had one shot (that) we didn’t get anything out of. That was a goal that we had coming into this game and I thought we executed that very well.”

It was the long-awaited return of top-flight domestic men’s curling after a season limited to just a few bonspiels due to the pandemic. 

The opening draw at the Markin MacPhail Centre came on the heels of a successful Canadian women’s curling championship, the first of seven events to be played in a so-called bubble setting at Canada Olympic Park.

In other Draw 1 games, Saskatchewan’s Matt Dunstone dumped Nunavut’s Peter Mackey 10-2, Wild Card Two’s Kevin Koe beat Nova Scotia’s Scott McDonald 7-4 and Quebec’s Michael Fournier edged Greg Smith of Newfoundland and Labrador 7-6. 

Gushue’s team played in a couple events last fall in Halifax with substitute players as the Alberta-based Walker remained out west. 

The teams blanked the first three ends as they got a feel for playing on arena ice again. 

Gallant made a brilliant triple takeout early on and jokingly waved to the cardboard cutouts stationed throughout the spectator-free arena. 

Epping was heavy on a hit-and-roll attempt in the fourth end that set up a Gushue draw for two. 

Ontario settled for a single in the fifth before a Gushue hit and roll set up another deuce in the sixth end. The teams shook hands after a Canada single in the ninth end.

“That was fun,” Nichols said. “The leadup to this has been tough in terms of the isolation and stuff like that. So to get out there and play a competitive game — it felt exactly how I thought it would. 

“There was no easing into it or anything. We were just right back to it so it felt really good.”

Ontario finished at 82 per cent overall and Epping was at 72 per cent.

For most teams, it was their first competitive game action in several months. 

Some provincial and territorial teams were able to play down in recent weeks, but most rinks were invited by their respective associations when championships were cancelled due to the pandemic.

Two more wild-card entries were added this year, boosting the field to 18 teams. Gushue’s team had an automatic entry as returning champions.

“The first game — we were trying not to fall down and hurt ourselves,” Gushue said with a smile. “The nervous legs and everything that we had. I felt pretty shaky from the combination of nerves and not practising as much as we normally do coming in. So my focus was just on that.”

Players are staying in a hotel across the road from the WinSport Arena and are being tested for COVID-19 on a regular basis. Coaches and team alternates wore masks on the end benches. 

Electronic hog-line sensors on the stone handles were not used for the second straight event due to equipment delays as a result of the pandemic. The honour system was in effect.

Three draws were scheduled for Saturday. Preliminary-round play continues through Thursday night.

The top four teams in each pool will advance to the two-day championship pool starting March 12. The top three teams will move on to the playoffs on March 14. 

The second- and third-place teams will meet in an afternoon semifinal with the winner to play the first-place team for the championship. 

The Brier winner will earn $100,000 of the $300,000 total purse, return as Team Canada at the 2022 Brier in Lethbridge, Alta., and earn a berth in the Olympic Trials in November at Saskatoon.

The champions will also represent Canada at the April 2-11 world men’s curling championship in the Calgary bubble. 

Kerri Einarson won the Scotties Tournament of Hearts last weekend. She’ll represent Canada at the April 30-May 9 women’s world curling championship, which was added to the bubble calendar Friday.

This report by The Canadian Press was first published March 5, 2021. 

Follow @GregoryStrongCP on Twitter.

The Canadian Press

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