By Matt Grossman
Suncor Energy Inc. and partners from eight indigenous communities will buy TC Energy Corp.'s 15% stake in Canada's Northern Courier Pipeline L.P., Suncor said Thursday.
Suncor will operate the pipeline, which connects Suncor's Fort Hills oil asset in Alberta to its East Tank Farm asset. Suncor had obtained the rights to buy TC Energy's stake in the pipeline two years ago.
Suncor's indigenous partners in the deal include three First Nations communities and five Metis communities. Metis are communities largely focused in Canada's prairie provinces who are of mixed indigenous and European descent.
The partners expect annual gross revenues of about 16 million Canadian dollars ($12.7 million), Suncor said. The indigenous groups financed their participation with a non-recourse financing supported by a C$40 million loan guarantee from the Alberta Indigenous Opportunities Corp.
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(END) Dow Jones Newswires