Fort McKay First Nation to put 350 million into oilsands tank farm

by crystalladeras Posted Sep 6, 2016 9:22 am MDT Last Updated Sep 6, 2016 at 9:22 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email THE CANADIAN PRESS/Jeff McIntosh Suncor Energy is bringing in a northern Alberta aboriginal band as partner in a $1-billion storage facility being built to serve its Fort Hills oilsands project.The Calgary-based company says the Fort McKay First Nation will pay about $350 million when its new tank farm becomes operational next spring in return for a 34 per cent interest.Chief Jim Boucher says the band expects long-term benefits from the investment. Closing is dependent on Fort McKay obtaining financing.Suncor (TSX:SU) is to own and operate the tank farm on behalf of the Fort Hills partnership, which includes Suncor, Total E&P Canada and Teck Resources (TSX:TCK.B).The $13.5-billion Fort Hills project is scheduled to produce first oil in late 2017 and achieve 90 per cent of its plannedproduction capacity of 180,000 barrels per day within 12 months.The tank farm will consist of bitumen storage, blending and cooling facilities and connections to third-party pipelines. Fort McKay First Nation to put $350 million into oilsands tank farm project

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