TRP - TC Energy Shareholders Approve Spin-Off Of Liquids Pipeline Business: Report | Benzinga
Shareholders of TC Energy Corporation (NYSE:TRP) reportedly gave the green light to create a new energy infrastructure company called South Bow Corp, including assets such as the Keystone oil pipeline.
The spin-off will allow TC Energy to reduce its debt and shift its focus to natural gas transportation, reported Reuters.
South Bow Corp’s assets include around 4,900 kilometers of liquid pipelines linking Alberta and the U.S. oil sources to refining hubs in Illinois, Oklahoma, and Texas.
At the annual general meeting, TC Energy CEO Francois Poirier stated, “Spinning off South Bow will allow both companies to maximize the value of ...