Suncor, Fort McKay First Nation sign deal for tank farm

Suncor Energy Inc., Calgary, and Fort McKay First Nation signed a participation agreement for Suncor’s East Tank Farm Development in the Wood Buffalo area of Alberta.

Fort McKay will pay 34.3% of the capital cost of the project, which is under construction and expected to be operational in second-quarter 2017. The cost to Fort McKay is anticipated to be about $350 million, payable upon closing. The transaction is subject to a number of closing conditions.

The tank farm will consist of bitumen storage, blending and cooling facilities, and connectivity to third-party pipelines. Suncor will be operator.

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