The Coastal GasLink pipeline is drawing interest from an investment firm in the United Arab Emirates.
Abu Dhabi-based Mubadala Investment Co. is just one potential investor interested in the pipeline, according to a report from Bloomberg.
TC Energy Corp., formerly TransCanada, said earlier this year it would sell as much as a 75 per cent stake in the 670-kilometre natural gas pipeline from northeast B.C. to the LNG Canada projKitimat.
Mubadala declined comment, while TC Energy told Bloomberg it does not comment on "market rumours."
“As has been previously reported in our quarterly financial disclosures, we continue to advance funding plans for our Coastal GasLink Project including the potential sale of an ownership interest and project financing," the company said in a statement.
Mubadala, a state-owned sovereign wealth fund, spent $19 billion in 2018, according to Bloomberg.
The $6.2-billion Coastal GasLink pipeline is a key piece of infrastructure for LNG Canada. TC Energy has said it would retain 25 per cent to 50 per cent ownership in the pipeline, so it would not be a wholesale divestment.
The First Nation LNG Alliance has said First Nations could also take equity stakes in the pipeline.
TC Energy has signed 20 benefits agreements with First Nations, and awarded $620 million in First Nations contracting along the pipeline's route.
“The thought of First Nations taking a stake in the Coastal GasLink pipeline is well worth pursuing, since the elected councils of all 20 First Nations on the pipeline route have approved the pipeline, and others have endorsed the LNG Canada project that it will feed,” CEO Karen Ogen-Toews said in January.
Two Fort St. John contractors, Surerus Pipeline and Macro Industries, have joint venture projects hired to build segments of the pipeline.
- Matt Preprost, Alaska Highway News
