TC Energy's CAN$1 billion pipeline stake sale delayed
Published by Isabel Stagg,
Editorial Assistant
World Pipelines,
TC Energy's CAN$1 billion (US$736.92 million) deal to sell a minority stake in its Canadian natural gas pipeline system to a consortium of Indigenous communities has been delayed due to a transaction structuring issue, the company said on Tuesday according to Reuters.
The Canadian pipeline operator had said earlier this year it would sell a 5.34% stake in the NGTL system and Foothills assets in western Canada to an Indigenous-owned investment partnership, in a move to reduce its debt and finance new investments.
The widely anticipated deal was a key step to achieving the company's CAN$3 billion asset sale target for 2024. The NGTL system, which is about 24 400 km (15 150 miles) long, connects most of the natural gas production in western Canada to domestic and export markets.
TC Energy said on Tuesday 10 September, 2024, it remains focused on a deal and would provide material updates as they become available.
Read the latest issue of World Pipelines magazine for pipeline news, project stories, industry insight and technical articles.
World Pipelines’ September 2024 issue
The September 2024 issue of World Pipelines includes articles on pipeline construction, deepwater pipelines, hydrogen transport and pipeline pigging. Our keynote section focuses on pipelines in North America, and we also feature technical articles on pipeline integrity, and sensing.
Read the article online at: https://www.worldpipelines.com/business-news/11092024/tc-energys-can1-billion-pipeline-stake-sale-delayed/
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