- Suncor Energy (NYSE:SU +0.4%) agrees to sell a 34.3% stake in a $1B bitumen storage facility under construction north of Fort McMurray in Alberta to the Fort McKay First Nation for $350M.
- The aboriginal group will buy the stake once the facility becomes operational in 2017; the deal is subject to the group obtaining suitable financing.
- SU will own and operate the East Tank Farm being built to serve its $13.5B Fort Hills oil sands project, whose partners include SU, Total (TOT +1.4%) and Teck Resources (TCK +5%).