TC Energy Corp. is seeking regulatory approval for a move that would clear the way for it to sell a stake in its western Canadian natural gas pipeline system, possibly to indigenous groups.
(Bloomberg) — TC Energy Corp. is seeking regulatory approval for a move that would clear the way for it to sell a stake in its western Canadian natural gas pipeline system, possibly to indigenous groups.
The pipeline operator applied to the Canada Energy Regulator to transfer ownership of the Nova Gas Transmission Ltd. System from one corporate entity to another that would “facilitate potential future minority ownership of the system, including possible participation from Indigenous groups,” according a regulatory filing. TC Energy seeks a decision on the application by Nov. 1 to support a reorganization by Jan. 1.
TC Energy has been selling assets to reduce its debt after suffering from cost overruns on the Coastal GasLink pipeline project, which would supply Canada’s first major liquefied natural gas plant. Last month, the company agreed to sell a 40% stake in two US natural gas pipeline networks for $3.9 billion (C$5.2 billion) and announced it would spin off its oil pipelines unit.
The NGTL system connects the Western Canadian Sedimentary Basin, which produces most of the natural gas in western Canada, to domestic and export markets.
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