(Reuters) North American oil and gasoline pipeline firm TC Power Corp stated it was trying to promote C$5 billion ($3.7 billion) value of property to repay debt and fund new tasks, and reported an 8% rise in quarterly revenue.

Canada, the world’s fourth-largest crude producer, has been in search of methods to spice up pipeline utilization following Russia’s invasion of Ukraine, which has strained world oil and pure gasoline provides.

TC Power Chief Govt Francois Poirier stated the corporate deliberate to lift greater than C$5 billion by means of 2023 from promoting property and minority pursuits.

He stated the corporate additionally meant to approve C$5 billion value of tasks yearly all through the last decade.

The asset gross sales plans are larger than beforehand anticipated, and TC now might attain its aim of lowering debt to lower than 5 instances earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) two years early, in 2024, Tudor Pickering Holt analyst Matthew Taylor stated.

TC shares rose 3.2% in Toronto.

Poirier advised analysts on a name that he wouldn’t present particulars about what property TC might promote, however stated the corporate would think about future greenhouse gasoline emissions within the gross sales. Infrastructure with steady money flows and long-term contracts are in robust demand and discussions with potential consumers are ongoing, he stated.

Amongst its tasks, TC is constructing the C$11.2 billion Coastal GasLink pipeline to produce Shell PLC-led LNG Canada’s liquefied pure gasoline export terminal in British Columbia by 2025.

Earnings from TC’s Canadian pure gasoline pipelines rose to C$409 million for the July-September quarter, from C$343 million a 12 months earlier.

The Calgary-based firm’s web earnings attributable to frequent shares stood at C$841 million, or 84 Canadian cents per share, for the quarter, from C$779 million, or 80 Canadian cents per share, a 12 months earlier.

Rival Enbridge Inc additionally reported larger third-quarter adjusted revenue on Friday.

($1 = 1.3440 Canadian {dollars})