TC Energy nears $726 million deal with indigenous Canadian groups for stake in 16,000-mile natural gas pipeline system
(UI) – According to Bloomberg, TC Energy is close to selling a stake in its natural gas pipeline system to indigenous communities in Western Canada.
With support from Alberta’s government, a provincial agency has conditionally approved a C$1 billion ($726 million) loan guarantee to finance the deal. Indigenous groups from Alberta, British Columbia, and Saskatchewan are involved in the consortium.
The deal, involving TC Energy’s NGTL System, which spans over 24,000 km (approximately 16,000 miles) and transports natural gas in Canada’s western provinces, is expected to be announced on July 30, with finalization in late August.
This sale is part of TC Energy’s strategy to reduce debt after cost overruns on the Coastal GasLink pipeline project. Last year, TC Energy surpassed its C$5 billion divestiture target by selling a 40% stake in two U.S. pipeline networks. The company plans to divest another C$3 billion in assets soon.
This story was originally reported by Bloomberg.
Related News
From Archive
- Trench collapse kills one construction worker in Houston, Texas
- Intrepid Fiber breaks ground on fiber optic network in Superior, Colo.
- Excavator collides with I-95 overpass in Henrico, Va., causing multi-vehicle crash
- Shrewsbury, Mass., expands sewer inspections and cleaning efforts
- Construction worker killed in trench collapse near Prosperity, S.C.
- Final construction phase kicks off for Indianapolis deep rock tunnel
- Texas contractor penalized by OSHA for repeated trench safety violations
- Trench collapse kills one construction worker in Houston, Texas
- WES tunnel boring machine retrieved from Oregon river after seven-month project
- Illinois overhauls Peoples Gas pipeline program, mandates focus on high-risk pipes
Comments