Enbridge sells minority stake in seven pipelines to Indigenous communities
Posted September 28, 2022 5:26 am.
Last Updated September 28, 2022 6:10 am.
Enbridge Inc. has signed a deal to sell a minority stake in seven pipelines in the Athabasca region of northern Alberta to a group of 23 First Nation and Métis communities for $1.12 billion.
Athabasca Indigenous Investments, a limited partnership of 23 Treaty 6 and Treaty 8 First Nations and Métis communities, will manage the investment which includes an 11.57 per cent non-operating interest in the pipelines.
Enbridge chief executive Al Monaco says the partnership exemplifies how Enbridge and Indigenous communities can work together.
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The pipelines included in the agreement are the Athabasca, Wood Buffalo/Athabasca Twin and associated tanks, Norlite Diluent, Waupisoo, Wood Buffalo, Woodland and the Woodland extension.
Enbridge says the assets are underpinned by long-life resources and long-term contracts, which provide highly predictable cash flows.
The deal is expected to close within the next month.
