Project Spotlight: East Tank Farm Project
- IEM
- Jun 14
- 3 min read
Updated: Nov 13
The East Tank Farm Project is a major oil sands midstream asset located in Alberta’s Athabasca region. The project was one of the largest Indigenous infrastructure ownership deals in Canadian history. This partnership set a precedent for Indigenous equity in resource infrastructure and remains a benchmark for reconciliation-driven economic participation.
Project Overview
The East Tank Farm Project is a crude oil and diluent storage, blending, and pipeline interconnection terminal that supports Suncor’s Fort Hills oil sands project. Completed in 2017, the facility includes large-scale storage tanks, pipeline infrastructure, and blending facilities.
Through a $503 million transaction, Fort McKay First Nation (FMFN) and Mikisew Cree First Nation (MCFN) acquired a 49% ownership stake in the asset in 2017.
This project was a milestone in Indigenous ownership of oil sands infrastructure and remains a case study in long-term partnership, financial innovation, and intergovernmental collaboration.
Project Details
Location: Athabasca Oil Sands Region, Alberta
Cost: Estimated $1 billion
Sector: Oil Sands Infrastructure – Midstream (blending & storage)
Indigenous Partners: Fort McKay First Nation, Mikisew Cree First Nation
Industry Partner: Suncor Energy Inc.
Ownership: 49% Indigenous / 51% Suncor
Status: Operational since 2017
Indigenous Ownership
The East Tank Farm Project is co-owned through a landmark equity partnership between MFN and MCFN, who together hold a 49% ownership stake in the project through First Nation ETF Limited Partnership.
First Nation ETF Limited Partnership is a special-purpose vehicle established by FMFN (70%) and MCFN through the Mikisew Group (30%).
This transformative deal marked one of the first, and largest instances of Indigenous communities acquiring long-term equity in a major oil sands infrastructure asset.
“The deal represents the largest business investment to date by a First Nation entity in Canada, and not only demonstrates the great potential for partnerships between First Nations and industry but serves as a model for how First Nations can achieve greater self-determination through financial independence," said Jim Boucher, Chief of FMFN. Source
Funding Details
The Indigenous acquisition of a 49% stake in the East Tank Farm Project was independently financed by the Fort McKay First Nation and Mikisew Cree First Nation through the issuance of C$545 million, 4.136% senior secured notes due December 31, 2041. The offering was structured and marketed by RBC Capital Markets.
Indigenous Energy Ownership Tracker
The East Tank Farm Project is just one of over 30 major Indigenous-owned oil & gas infrastrucuture projects at various stages of development across Canada.
IEM is committed to providing transparency for Indigenous participation in Canada's energy and resource sectors. We developed the Indigenous Energy Ownership Tracker (IEOT), that is currently tracking and detailing over 480 Indigenous-owned projects.
By centralizing and visualizing ownership data and other project details, we help Indigenous communities, industry proponents, and policymakers:
Identify where Indigenous equity is being deployed
Benchmark successful ownership models
Understand trends across regions and sectors
Discover funding sources that get projects built
Build partnerships based on evidence
And so much more
🔗Discover the IEOT Tool Here: https://www.indigenousenergymonitor.ca/ieot
Stay Informed, Get Involved
Whether you’re an Indigenous economic development group looking to evaluate opportunities, or a project developer seeking Indigenous partners, IEM's transparency and data are essential.
🔗 Explore our solutions: www.indigenousenergymonitor.ca
📩 Contact us: info@indigenousenergymonitor.ca
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