Three years later, Alberta Indigenous communities have earned about C$25 million through ‘groundbreaking’ acquisition of Enbridge assets
In September 2022, 23 First Nation and Métis communities made history by acquiring an 11.57% interest in seven Enbridge-operated pipelines in the Athabasca region of northern Alberta for C$1.12 billion.
Three years later, participants in what was then the largest energy-related Indigenous economic partnership in North America, continue to benefit from the equity investment known as Project Rocket, with more than C$25 million in earnings generated to date for their communities.
“This continues to be a groundbreaking deal,” says Malek Eid, President of Athabasca Indigenous Investments (Aii), the entity created to manage the Indigenous partners’ assets.
“The ownership structure is solid, and the Aii board and partners have worked collaboratively with Enbridge to steward their investment by finding solutions that serve all parties, with a focus on good communication and deal fundamentals.”
On Sept. 25, Enbridge and Aii leaders marked the third anniversary of Project Rocket at an annual meeting near Edmonton.
"This continues to be a groundbreaking deal. The ownership structure is solid, and the Aii board and partners have worked collaboratively with Enbridge to steward their investment by finding solutions that serve all parties, with a focus on good communication and deal fundamentals."
Malek Eid
President, Athabasca Indigenous Investments (Aii)
Maury Porter, Vice President of Canadian Operations and Services with Enbridge’s Liquids Pipelines group, provided an Enbridge perspective – reflecting on challenges and achievements, while also identifying ways to enhance collaboration.
“Our agreement with each of you is deeper than a one-time transaction. Ours is a long-term business relationship, and we want to continue strengthening it. That means hearing from you about how we are operating and the ways we can continue to do better,” he said. “It requires an open feedback loop and regular communications. Your ideas and suggestions are always welcome, and I invite you to ask questions not only today but also in the future as they come to mind.”
The partnership represents more than just financial results—it reflects a shared commitment to long-term prosperity, reconciliation and Indigenous economic empowerment.
“As resource development and priority projects gain more attention, this partnership shows how working together with Indigenous communities can lead to shared economic success,” Porter said.
“This partnership was the first of its kind and it provided Enbridge with a model for future deals. Let’s continue to build on the success of the past three years and use this as a proof point to the rest of Canada, about legacy, respect, collaboration and generational benefit.”
In broader terms, Porter spoke about Enbridge’s latest Indigenous partnership in British Columbia, one that saw 38 First Nations in acquire 12.5% equity ownership of our Westcoast natural gas pipeline system for approximately C$736 million.
And as a sign of things to come, a recent open letter to the Prime Minister of Canada advocates for more Indigenous co-investment opportunities to foster growth, innovation and responsible infrastructure development, thereby strengthening Canada’s economic resilience. To date, the letter has been signed by nearly 100 Canadian energy industry CEOs, including Enbridge President and CEO Greg Ebel.
An early example of a major Indigenous partnership, Project Rocket continues to be at the forefront of conversations within the energy industry and in Ottawa, Porter said.
“The scale of this project, bringing 23 Nations together with an energy pipeline company, showed what is possible with collaboration and trust. Everyone in this room should be extremely proud that this deal has set such a precedent across our nation,” he remarked.
“Together, we’re achieving what we set out to do in the initial conversations of this deal, reinforcing that Project Rocket was a good investment and a successful partnership.”
