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Sep 6, 2016

Suncor selling 34.3% oil storage stake to Fort McMurray First Nation

Suncor Energy

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Suncor Energy Inc (SU.TO) is selling a stake in an oil-storage facility to the Fort McKay First Nation‎ in a $350-million deal.

The aboriginal group will buy a 34.3-per-cent interest in Suncor's East Tank Farm once it becomes operational in 2017, Suncor said in a statement Tuesday, with proceeds paid upon closing.

The facility will handle crude from Suncor‎'s $15-billion Fort Hills mine, which is due to add 180,000 barrels per day of new capacity in northern Alberta starting later next year.

Under the deal, Fort McKay will finance the transaction with revenue from terminal fees. Suncor will remain operator.

It's expected to close in the second quarter of 2017 subject to some conditions.