TC Energy shareholders vote to spin off company’s liquids pipeline business

shareholders voted in favour of spinning off the Canadian company’s liquids pipeline business on Tuesday, creating a new energy infrastructure firm known as South Bow Corp whose assets include the Keystone oil pipeline.South Bow’s assets consist of nearly 4,900 kilometres of liquids pipelines that connect oil supply in Alberta and parts of the United States to refining markets in Illinois, Oklahoma and Texas.

The new company will carry a high debt load of $7.9-billion due to TC and faces competition from other pipeline companies looking to expand shipments to the U.S. Gulf Coast market. However South Bow will benefit from long-term shipping contracts covering 94 per cent of capacity on Keystone, providing guaranteed revenues.

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