LNG

TC Energy Corp., whose main current project is the building of the Coastal GasLink pipeline for the LNG Canada venture, has agreed to sell 40 percent stakes for C$5.2 billion (US$3.9Bln) in the two US assets, Columbia Gas Transmission and Columbia Gulf Transmission, the transporters of substantial US LNG feed-gas volumes.

TC Energy Corp., the leading North American pipeline company supplying natural gas to the US and Mexico and feed-gas for projects such as LNG Canada, has announced the retirement of President and Chief Executive Russ Girling.

The CEO will step down from his posts and the board of the Calgary, Alberta-based company at the end of December.

His replacement has been named as François Poirier, currently Chief Operating Officer and President of TC Energy’s Power & Storage and Mexican divisions.

Girling will assist Poirier with the transition through February 28, 2021.

One of TC Energy’s main current projects is building the Coastal GasLink Pipeline from Dawson Creek to the Royal Dutch Shell-led LNG Canada project at Kitimat in British Columbia.

Among its many other ventures in North America, the Canadian company is a shareholder in the South Texas-Tuxpan pipeline with Sempra Energy’s IEnova. The pipeline crosses part of the Gulf of Mexico from Texas and was built at a cost of $2.5 billion for US exports to Mexico.

“On behalf of all Board members, I would like to thank Russ for his invaluable contributions to the company,” said Siim Vanaselja, TC Energy's Board Chairman.

“Over the last decade, he has led TC Energy through a period of unprecedented growth and transformation, including the development of its Liquids pipelines footprint, expansion of its Mexican natural gas pipelines business, the successful US$13 billion acquisition of Columbia Pipeline Group and advancement of North American LNG,” stated the Board Chairman.

Vanaselja praised Girling for creating “a culture of excellence” focused first on the safety of employees and those in the communities where the company operates.

“It has been a privilege and honour to lead TC Energy over the past 10 years and to be part of the extraordinary TC team,” said Girling.

“With the wisdom and guidance of the Board and the skills and tenacity of our dedicated employees, we have accomplished many things, delivered the energy critical to millions of people safely and reliably every day, and created significant shareholder value,” stated Girling.

“I am grateful for the opportunity and confident in how the Company is positioned to prosper as global demand for energy continues to grow and transition in the years ahead,” Girling concluded.

Vanaselja said he was confident in the choice of François Poirier as Girling’s successor having seen his leadership over six years at TC Energy.

“He has had exposure to all aspects of our business and consistently shown unwavering commitment to the company’s long-term success. His integrity, strategic thinking, commercial acumen and bottom-line focus will serve the Company well in the years ahead,” stated the Chairman.