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.”
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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.
Two players at Canada’s junior hockey camp test positive for COVID-19
RED DEER, Alta. — Hockey Canada announced Tuesday that two players at its national junior selection camp have tested positive for COVID-19.
The organization said in a release that the players, who were not named, are in quarantine at the team’s hotel.
Hockey Canada said it is suspending all camp activities for the day, including a scheduled intrasquad game.
Players and team personnel will be required to undergo a COVID-19 test before camp activities resume.
Hockey Canada said provincial and local health authorities have been notified of the positive tests.
The announcement of the positive player tests come three days after Hockey Canada said a “non-core member'” of the team’s staff tested positive.
Alberta reported 1,549 new COVID-19 cases on Monday. It was the fifth consecutive day with numbers above the 1,100 mark.
This report by The Canadian Press was first published Nov. 24, 2020.
The Canadian Press
New measures expected in Alberta and pandemic weight gain: In The News for Nov. 24
In The News is a roundup of stories from The Canadian Press designed to kickstart your day. Here is what’s on the radar of our editors for the morning of Nov. 24 …
What we are watching in Canada …
EDMONTON — Alberta’s chief medical officer of health says COVID-19 has become like a snowball rolling down a hill, picking up size and speed, and threatening to overwhelm the health system.
Dr. Deena Hinshaw says immediate action is needed to contain the spread of the novel coronavirus.
Premier Jason Kenney and select cabinet ministers were to meet with Hinshaw, and new measures are expected to be announced today.
Alberta, once a leader in how to prepare for and contain the virus, has in recent weeks become a national cautionary tale.
There have been well over 1,000 new cases a day for five straight days, and there are more than 300 patients in hospital and more than 60 in intensive care.
Kenney has said he wants targeted measures to control the virus while keeping businesses as open as possible.
Others, including some doctors, say the focus needs to be on a sharp clampdown, even for a short period.
Also this …
A new poll by Leger and the Association for Canadian Studies suggests many Canadians are gaining weight because they’re eating more and exercising less during COVID-19 pandemic.
Thirty-two per cent of respondents said they have gained weight since March, while 15 per cent said they lost weight over that time.
Jack Jedwab, president of the Association for Canadian Studies, says this is one of the collateral effects of the pandemic, as the survey suggests there is a link between weight gain and fear of COVID-19.
Forty-six per cent of respondents who said they are very afraid of COVID-19 gained weight during the pandemic.
Forty-four cent of those who expressed that level of fear said they have been exercising less than they did before the pandemic and about 46 per cent said they were eating more than usual.
The online survey of 1,516 Canadians was conducted Oct. 29-31 and cannot be assigned a margin of error because internet-based polls are not considered random samples.
What we are watching in the U.S. …
The U.S. General Services Administration has ascertained that president-elect Joe Biden is the “apparent winner” of the Nov. 3 election.
President Donald Trump, who had refused to concede the election, said Monday that he is directing his team to co-operate on the transition but is vowing to keep up the fight.
The move clears the way for the start of the transition from Trump’s administration and allows Biden to co-ordinate with federal agencies on plans for taking over on Jan. 20.
An official said Administrator Emily Murphy made the determination after Trump efforts to subvert the vote failed across battleground states, most recently in Michigan, which certified Biden’s victory Monday.
And today, Biden is preparing to formally announce his national security team to the nation.
Those being introduced during an afternoon event are among Obama administration alumni whose roles in the upcoming administration signal Biden’s shift away from the Trump administration’s “America First” policies.
The picks include former Secretary of State John Kerry to take the lead on combating climate change. Outside the realm of national security and foreign policy, Biden is expected to choose former Fed chair Janet Yellen as the first woman to serve as treasury secretary.
What we are watching in the rest of the world …
China’s latest trip to the moon is another milestone in the Asian powerhouse’s slow but steady ascent to the stars.
China became the third country to put a person into orbit a generation ago and the first to land on the far side of the moon in 2019.
The Chang’e 5 mission, launched today, will be the first to bring back moon rocks and debris since a Soviet mission in 1976.
Future ambitions include a permanent space station and putting people back on the moon more than 50 years after the U.S. did.
On this day in 2002 …
Quebec Premier Bernard Landry announced that the May 24th Quebec holiday, “La fete de Dollard,” would henceforth be known as “La Journee nationale des Patriotes.” The name was changed to honour the movement that contributed to the Rebellions of 1837-38 in Lower Canada and became an early symbol of French-Canadian nationalism.
In entertainment …
Anne Murray wasn’t sure her singing voice was still intact until a few months ago.
The famed Canadian crooner had left her most-cherished instrument largely unchecked while in retirement, aside from belting out a song here and there while doing household chores.
But last summer, she decided to dust off her guitar to see whether her trademark lush alto voice could still carry a tune.
Murray says she performed a few of her old songs “just for the fun of it,” and was pleased to learn her famous pipes are still humming.
The winner of 24 Junos and four Grammys swore off recording new music more than a decade ago, but she recently compiled several of her classic tracks for a new holiday album.
“The Ultimate Christmas Collection” brings together 22 songs pulled from Murray’s various Christmas albums, including “Joy to the World, “Blue Christmas” and “Baby, It’s Cold Outside,” with Michael Buble.
A Quebec municipality that had planned to cull about 15 white-tailed deer in the coming days relented late Monday amid pressure on officials to relocate the animals.
Longueuil Mayor Sylvie Parent said in a statement the threat of people intervening or attempting to thwart the cull has forced the city to consider other options.
Parent noted the plan to capture and slaughter the deer, approved by Quebec’s Forests, Wildlife and Parks Department, was supported by a “broad consensus within the scientific community.”
But given the circumstances, she’s asking the city’s top civil servant to come up with a plan to move the deer from Michel-Chartrand Park to a sanctuary authorized by provincial officials.
Parent’s announcement came hours after an animal rescue group and a lawyer who champions animal rights urged the Montreal-area city to reconsider its plan to kill half the white-tailed deer in the park and donate the meat to a food bank.
The organization, Sauvetage Animal Rescue, along with well-known Montreal lawyer Anne-France Goldwater, had urged Parent to consider its own plan to relocate the animals to a sanctuary, free of charge.
Ultimately, the city relented but Parent said the deer situation would need to be resolved quickly.
This report by The Canadian Press was first published Nov. 24, 2020
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