NOVA Gas Transmission Ltd. (NGTL), a subsidiary of TC Energy Corp., has signed a letter of intent with Tidewater Midstream, Infrastructure Inc. and TransAlta Corp. to purchase a 131-kilometer (81.3-mile) Canadian pipeline for C$255 million ($184 million).
The Pioneer Pipeline is located within Alberta and runs from west of Drayton Valley to west of Edmonton. Upon the deal’s closing, the pipeline will be integrated into the NGTL System, TC Energy’s natural gas gathering and transportation system for the Western Canadian Sedimentary Basin (WCSB), connecting most of the natural gas production in western Canada to domestic and export markets.
The NGTL System is currently undertaking a C$9.1 billion ($6.5 billion) multi-year infrastructure expansion program that will increase transportation capacity for Western Canada producers and provide downstream markets increased access to clean-burning natural gas.
TC Energy said the acquisition is underpinned by 15-year fi
