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Printed by Jessica Casey,
Editor
LNG Business,
TC Power Corp. has entered right into a binding letter settlement with Nisga’a Nation and Western LNG (the consumers) concerning the acquisition and sale of all excellent shares in Prince Rupert Gasoline Transmission Holdings Ltd and the restricted partnership pursuits in Prince Rupert Gasoline Transmission Restricted Partnership (collectively, PRGT). PRGT is a wholly-owned subsidiary of TC Power and the developer of a pure fuel pipeline challenge in British Columbia and potential supply hall that might additional unlock Canada as a safe, inexpensive, and sustainable supply of LNG.
This transaction demonstrates TC Power’s resolve towards delivering its 2024 strategic priorities whereas facilitating the event of crucial power infrastructure. TC Power’s strategic priorities are targeted on staying inside its US$6 – US$7 billion annual web capital expenditure restrict, post-2024, maximising the worth of its property and additional enhancing the energy and adaptability of its stability sheet. This settlement matches with these priorities and extra.
“We’re happy to see this necessary challenge transfer ahead whereas remaining agency on our dedication to our strategic priorities. This is a crucial settlement that can see Indigenous co-ownership and improvement of an built-in LNG challenge. Enabling LNG improvement in British Columbia is sweet for Indigenous communities, our clients, helps the long-term development of the WCSB and international emissions discount via the export of responsibly produced Canadian pure fuel,” mentioned François Poirier, President and CEO, TC Power.
As a part of the letter settlement, TC Power has dedicated to supply transition companies, on a reimbursable foundation, to facilitate the seamless transition of the pipeline challenge and help improvement work deliberate for this 12 months. Topic to the execution of definitive agreements and customary closing situations, the transaction is anticipated to shut in 2Q24. Preliminary proceeds from the transaction usually are not anticipated to be materials to TC Power, with the potential to obtain further funds contingent upon the challenge reaching closing funding choice and industrial operation.
Learn the article on-line at: https://www.lngindustry.com/liquid-natural-gas/20032024/tc-energy-to-sell-prince-rupert-gas-transmission-entities-to-nisgaa-nation-and-western-lng/
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