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TC Energy Signs Deal With a Mexican State Utility to Develop $4.5 Billion Gas Pipeline

Reuters, August 4, 2022
Reuters

TC Energy Corp said on Thursday it had struck a deal with a Mexican state utility to develop a $4.5 billion natural gas pipeline.

The offshore Southeast Gateway Pipeline will supply natural gas to Mexico's central and southeast regions, the Canadian pipeline operator added.

The deal with Comisión Federal de Electricidad (CFE) comes as Canada and the United States are having their most serious trade spat with Mexico over the United States-Mexico-Canada Agreement.

TC Energy said sanctioning of the pipeline would expand its secured capital program to $33 billion and could add to its 2021-2026 adjusted EBITDA growth outlook.

Roberto Velasco, a senior foreign ministry official in Mexico, revealed last month that TC Energy had agreed with the country to build a $5 billion gas pipeline in the Gulf Coast state of Veracruz.

(This story corrects paragraph 5 to say the announcement last month was made by a Mexican official, and not TC Energy)


(Reporting by Ruhi Soni)

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Copyright 2022 Thomson Reuters. Click for restrictions.

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