Tc Energy Sells Natural Gas Pipeline Stakes For $5.2 Billion
Date
7/25/2023 10:07:28 AM
(MENAFN- Baystreet.ca) TC energy Sells Natural gas Pipeline Stakes For $5.2 Billion TC Energy Corp. (TRP) has agreed to sell 40% of its stake in two Natural gas pipelines for $5.2 billion.
The sale of Columbia Gas Transmission and Columbia Gulf Transmission is being made to private equity firm Global Infrastructure Partners.
The two pipelines supply 20% of liquefied natural gas (LNG) exports to the U.S. and cover 24,140 kilometres of North America's natural gas network.
TC Energy has pledged to reduce its greenhouse gas emissions (GHGs) by 30% by 2030 and has set a target to reach net zero emissions by 2050.
The company said the pipeline divestures will help it meet its environmental goals.
Future maintenance of both Columbia Gas and Columbia Gulf assets will be jointly managed by TC Energy and Global Infrastructure Partners, the companies said.
The sale is expected to close by year's end.
TC Energy's stock has declined 28% in the last 12 months to trade at $50.89 per share.
MENAFN25072023000212011056ID1106683032
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.