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
- OSHA investigates fatal trench collapse at Conroe construction site
- Final Lake Erie sewer tunnel project set to begin after decades-long $3 billion effort
- Texas811 launches real-time excavation detection to prevent utility strikes
- Oil pipeline struck during fiber optic construction spills into L.A. storm drains
- Fiber drilling strike triggers major sewer failure, lawsuits in Florida
- Fatal trench collapse in Mass. leads to $4.6 million OSHA penalty, dozens of violations
- Texas811 launches real-time excavation detection to prevent utility strikes
- Race Communications breaks ground on Bakersfield fiber network
- Final Lake Erie sewer tunnel project set to begin after decades-long $3 billion effort
- Inside Infrastructure: Utility locators warn of systemic failures in damage prevention process
Comments