CALGARY, June 3 /CNW/ - Suncor Energy Inc. and Fort McKay First Nation
today celebrated the launch of the Fort McKay Business Incubator (FMBI), an
integrated one-stop centre for entrepreneurs to develop business ideas from
concept to implementation stage, with the assistance of experienced
Fort McKay First Nation community members, Suncor representatives and
government and industry officials helped to officially open the facility.
Located in the Dorothy McDonald Centre in the Fort McKay First Nation in
northeastern Alberta, the FMBI is a co-operative venture between the Fort
McKay First Nation and Suncor Energy. Its mandate will be to offer local,
relevant, small business incubator services to community members of Fort McKay
and to champion and nurture entrepreneurs by facilitating business planning
and start-up activities. Examples of businesses range from catering, courier
and support services to the Caribou Energy Park, Fort McKay, and the region's
oil sands plants. The FMBI will provide services to resident businesses as
well as other local businesses.
"We're pleased to celebrate the opening of this facility," says Chief Jim
Bouchier of the Fort McKay First Nation. "The Business Incubator will be a
significant factor in our community's economic development efforts. Not only
will it encourage entrepreneurial activities in the area; it will also help
develop our members' knowledge of core business fundamentals and encourage the
development of early stage businesses."
The Business Incubator reflects the strong level of collaboration that
exists between Suncor and the Fort McKay First Nation. Fort McKay participates
in business opportunities presented by the oil sands industry and Suncor
requires the logistical support of many small businesses, including those in
Fort McKay, in order to operate. The Business Incubator is expected to help
establish new businesses that meet the needs of the industry while creating
opportunities for residents of the community.
"This really is about creating win-win solutions," says Kirk Bailey,
executive vice president, Oil Sands. "The creation of the Business Incubator
helps to establish long-term viable support businesses for the oil sands. This
fits perfectly with our operating strategy and our commitment to
The FMBI is a three-year pilot project and will feature a Board of
Directors with two members each to be named from Suncor and the Fort McKay
First Nation. A staff of two - a manager and administrative assistant -
supported by an advisory committee of legal, accounting, marketing and
entrepreneurial experts will provide services.
Suncor has provided $20,000 towards a FMBI feasibility study and will
provide a further $64,000 in project funding. Operational funding and in-kind
support may be provided by the company as the project progresses. The Fort
McKay First Nation and the provincial government have also contributed funding
towards the project.
A feasibility study and business plan identified skill/education,
community strength and capacity building as benefits.
The launch of the FMBI follows on the April 8 announcement by Suncor of
having achieved a $1 billion spending milestone with Aboriginal partners on
goods and services. The company was also recognized April 21 by Corporate
Knights magazine as top company overall in terms of Aboriginal relations,
given its joint ventures with Aboriginal groups, an Aboriginal representative
on its Board of Directors, and strong "buy local" policy.
This news release contains forward-looking statements identified by the
words "develop", "tapping", "progress", "goals", "continue", "expand",
"future" and similar expressions that address expectations or projections
about the future. Forward-looking statements are based on Suncor's current
goals, expectations, estimates, projections and assumptions made in light of
its experiences and the risks, uncertainties and other factors related to its
business. Assumptions used to develop our outlook are based on year-to-date
performance and management's best estimates for the remainder of the year.
Readers are cautioned that actual results could differ materially from those
expressed or implied as a result of changes to Suncor's plans and the impact
of events, risks and uncertainties discussed in Suncor's current annual
information form/form 40-F, annual and quarterly reports to shareholders and
other documents filed with Canadian securities commissions at www.sedar.com
and the United States Securities and Exchange Commission (SEC) at www.sec.gov.
Suncor Energy Inc. is an integrated energy company headquartered in
Calgary, Alberta. Suncor's oil sands business, located near Fort McMurray,
Alberta, extracts and upgrades oil sands and markets refinery feedstock and
diesel fuel, while operations throughout western Canada produce natural gas.
Suncor also operates a refining and marketing business which includes
refining, retail, pipeline and distribution operations in Ontario, Canada and
in Colorado and Wyoming in the United States. Suncor's common shares (symbol:
SU) are listed on the Toronto and New York stock exchanges.
Suncor Energy (U.S.A.) Inc. is an authorized licensee of the Shell(R) and
Phillips 66(R) brand and marks in the state of Colorado. Sunoco in Canada is
separate and unrelated to Sunoco in the United States, which is owned by
Sunoco, Inc. of Philadelphia.
For more information about Suncor Energy Inc. please visit our web site
For further information:
For further information: For media inquiries, contact: Brenda Erskine,
Suncor Energy: (780) 743-6480; Jeff Winsor, Fort McKay First Nation: (780)