PLANT

TransCanada to sell more US holdings to TC Pipelines

Includes the sale of its remaining 11.8% interest in the Portland Natural Gas Transmission System.


CALGARY — TransCanada Corp. is negotiating the sale of a 49.3% interest in the Iroquois natural gas transmission system that connects its main Canadian pipeline system to markets in the US Northeast, including New York City.

The Calgary-based company says it has offered to sell the Iroquois system to TC PipeLines LP, an affiliated limited partnership.

TransCanada would also sell its remaining 11.8% interest in the Portland Natural Gas Transmission System, which is an interstate system that carries gas from Canada to New England, to TC PipeLines.

It previously sold a 49.9% interest in the Portland system in January for US$228 million to TC PipeLines.

TransCanada indirectly owns about 27% of TC Pipelines. Both said in separate announcements that terms of the sale weren’t being disclosed. The proposed deal is subject to negotiation of satisfactory terms and regulatory approvals.

News from © Canadian Press Enterprises Inc. 2016

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