TC Energy, a North American pipeline company, is considering forming joint ventures (JVs) in Mexico and Canada, reported Reuters.
The JVs form part of TC Energy’s C$3bn ($2.17bn) asset sale programme aimed at reducing debt and funding other projects dealing with high costs.
Executives at Canada-based TC stated on the call that the company was concentrating on a number of deals to reach the C$3bn goal because, given the current state of interest rates, “smaller bundles” were more appealing.
Reporting the third-quarter results, the company said that it has achieved mechanical completion of its C$14.5bn Coastal GasLink pipeline project.
Protests over environmental concerns and a C$346,000 penalty imposed by British Columbia for violating environmental standards had plagued the Coastal GasLink project.
Between July and September 2023, TC reported a net loss of C$197m, compared with a net income of C$841m in the same period a year ago.
Announcing the results, TC Energy president and CEO François Poirier said: “During the third quarter, we made monumental progress on Coastal GasLink and have achieved mechanical completion ahead of our year-end target.
“The team’s exceptional safety and construction execution on this challenging project means that we have reached 100% pipeline installation, including the successful hydrotesting of the full 670km pipeline length. The project remains on track with the approximately C$14.5bn cost estimate.”
In July this year, TC announced plans to sell a 40% stake in the Columbia Gas and Columbia Gulf pipelines in a deal valued at C$5.2bn.
During the same month, the company said that it will spin off its liquids pipelines business into a separate entity.
In October 2023, new reports emerged that TC is also considering selling stakes in the ANR Pipeline, Millennium Pipeline and Portland Natural Gas Transmission System, as well as an undisclosed Mexican operation.
