Suncor Teams Up with Indigenous Group to Acquire Stake in Oilsands Pipeline

A group of Northern Alberta Indigenous communities has teamed up with Suncor Energy Inc. to purchase TC Energy Inc.’s stake in an oilsands pipeline.

The partnership between oilsands producer Suncor and the Tahsipiy (Three Rivers) group of eight Indigenous communities announced plans on Thursday to acquire TC’s 15% share in the Northern Courier Pipeline. The 90-kilometer (54-mile) dual pipe conduit transports oilsands products north of Fort McMurray. The stake is valued at C$1.3 billion ($1 billion).

The purchase would be completed by Astisiy LP, which includes Suncor and the eight Indigenous communities. Astisiy is a Cree word meaning “sinew.”

Suncor President Mark Little called the pipeline deal a step in “progressive relationship building and economic...