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CALGARY — 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.

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.

This report by The Canadian Press was first published Sept. 28, 2022.

Companies in this story: (TSX:ENB)

The Canadian Press

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The Canadian Press

The Canadian Press is Canada's trusted news source and leader in providing real-time, bilingual multimedia stories across print, broadcast and digital platforms. Energeticcity.ca subscribes to Canadian Press articles about British Columbia news and Energy news.