By Gillian Tan, Mahmoud Habboush and Vinicy Chan
“TC Energy does not comment on market rumours,” the Calgary-based company said in a statement. “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.”
A representative for Mubadala declined to comment.
TC Energy has been selling assets to strengthen its balance sheet and fund capital projects, following its $10.2 billion takeover in 2016 of Columbia Pipeline Group Inc.
Coastal GasLink will connect gas fields in western Canada’s prolific Montney shale formation with the C$40 billion LNG Canada project on British Columbia’s coast. The 670-kilometers (416 miles) long pipeline is expected to go into service in 2023.
Mubadala, Abu Dhabi’s sovereign wealth fund, spent about $19 billion last year expanding into new industries as it seeks to diversify its economy.