A 23-tribe Indigenous investment agency agreed to pay C$1.12 billion ($840 million) for minority ownership of seven northeastern Alberta pipelines under an agreement with Enbridge Inc.

Under the transaction, Enbridge would continue to operate the feeder conduits into its international Mainline oil system, while First Nations and Metis groups in newly created Athabasca Indigenous Investments (AII) share revenues generated by 11.57% ownership.

Deal participants described the arrangement as “the largest energy-related Indigenous economic partnership transaction in North America to date.”

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