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TC Energy sells 65% Stake in Coastal GasLink Pipeline Project

Gasoil News - Published on Tue, 26 May 2020

Image Source: Coastal GasLink Pipeline Project
TC Energy Corporation announced that it has completed the sale of a 65 per cent equity interest in the Coastal GasLink Pipeline Project. In addition, the Coastal GasLink Pipeline Limited Partnership has executed a credit agreement with a syndicate of banks extending non-recourse project-level financing to fund the majority of the construction costs for the Project which, with the closing of the equity sale, are available to be drawn. Together, these transactions have resulted in the Company realizing immediate proceeds of approximately USD 2.1 billion.

TC Energy remains committed to partnering with the 20 First Nations who have executed agreements with Coastal GasLink and, as previously announced, has provided an opportunity for them to invest in the Project with an option to acquire a 10 per cent equity interest in Coastal GasLink on similar terms as the 65 per cent interest.

Coastal GasLink involves the construction of 670 kilometres of pipeline and associated facilities. Once completed, the pipeline will have an initial capacity of 2.1 billion cubic feet per day and connect abundant Western Canadian Sedimentary Basin natural gas supply from the Dawson Creek, BC area to the LNG Canada liquefaction and export facility being constructed in Kitimat BC. All necessary regulatory permits have been received for the Project and construction is underway. Coastal GasLink continues to engage with Indigenous and local communities as we safely progress essential construction activities across the route.

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Posted By : Yogender Pancholi on Tue, 26 May 2020
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