Media Advisory: TC Energy to divest remaining 15 per cent interest in Northern Courier Pipeline
GlobeNewswire - Thu Sep 16, 6:00AM CDT
Media Advisory - TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) announced today that Astisiy Limited Partnership, comprised of Suncor and eight Indigenous communities in the Regional Municipality of Wood Buffalo (RMWB), will acquire TC Energy's remaining 15 per cent equity interest in the Northern Courier Pipeline (NCP).
"We are pleased that Indigenous communities will be provided the opportunity to participate in and benefit from the ownership of this asset, through Suncor exercising its previously-acquired right to purchase our minority interest," said Bevin Wirzba, TC Energy's Executive Vice-President, Strategy and Corporate Development and President, Liquids Pipelines.
"At TC Energy, we believe Indigenous communities must realize long-term sustainable benefits from energy projects. Expanding economic opportunities for Indigenous communities is an important way to advance reconciliation between Indigenous and non-Indigenous peoples. We congratulate Suncor and these communities on this new partnership."
The transaction is anticipated to close in the fourth quarter of 2021, subject to customary closing conditions and the receipt of required regulatory approvals.
Safety is a core value at TC Energy. We are committed to working closely with Suncor Energy Inc., along with the asset's majority owner Alberta Investment Management Corporation (AIMCo), to ensure a safe and smooth transition of ownership and operations.