CALGARY – TC Energy Corp. has applied for regulatory approval for a potential minority interest sale of its Nova Gas Transmission Ltd. (NGTL) system.
No transaction has been announced, but the Calgary-based pipeline company says in its application that it wants to complete a restructuring in order to facilitate potential future minority ownership of the system, including possible participation from Indigenous groups.
The NGTL system transports natural gas production from Alberta and northeast B.C. to domestic and export markets.
It spans 24,631 km and connects with TC Energy’s Canadian Mainline system, Foothills system and other third-party pipelines.
In its application to the Canada Energy Regulator, TC Energy asks for a decision from the commission by Nov. 1, to support closing of the reorganization on Jan. 1, 2024.
Last month, TC Energy announced it would sell off a 40 per cent stake in its Columbia Gas Transmission and Columbia Gulf Transmission systems to New York City-based Global Infrastructure Partners for $5.2 billion.
This report by The Canadian Press was first published Aug. 24, 2023.
Companies in this story: (TSX:TRP)