TC Energy Sells Pipeline Stake to Indigenous Communities for $722 Million
(Reuters) — TC Energy said on Tuesday that it will sell a minority stake in its Nova Gas transmission system and the Foothills pipeline assets for C$1 billion ($722.1 million) to certain indigenous Canadian communities as part of a plan to reduce its debt and fund investments.
The company, best known for its Keystone oil pipeline, is undergoing an overhaul. Last year, it said it would spin off its liquids business to focus on transporting natural gas.
The stake sale is backed by the Alberta Indigenous Opportunities Corporation (AIOC) and was negotiated by a consortium committee representing specific indigenous communities across Alberta, British Columbia and Saskatchewan.
This deal will enable up to 72 indigenous communities closest to the natural gas infrastructure assets spanning western Canada to become equity owners, TC Energy said in a statement.
The transaction is expected to close in the third quarter.
($1 = 1.3848 Canadian dollars)
Related News
Related News
- Texas Waha Hub Gas Prices Plunge to Record Lows, Hit Negative Territory
- Williams Seeks Emergency Certificate to Operate $1 Billion Mid-Atlantic Gas Pipeline After Court Reversal
- Texas Oil Pipelines Near Max Capacity, Threatening Future Export Limits
- Energy Transfer Subsidiary Selects KTJV for Lake Charles LNG Export Project
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- Saudi Arabia Looking to Expand Pipeline to Reduce Oil Exports via Gulf
- Report: Houston Region Poised to Become a Global Clean Hydrogen Hub
- Texas Startup Endeavors Again to Build First Major U.S. Oil Refinery Since 1977
- Alaska Greenlights Enstar’s $57 Million Pipeline to Boost LNG Imports
- Texas Waha Hub Gas Prices Plunge to Record Lows, Hit Negative Territory
Comments