(Montreal) The Canadian group TC Energy announced on Wednesday that it had suffered a net loss close to 200 million Canadian dollars in the third quarter, but was pleased with the progress of one of its flagship projects.
It indicated that the mechanical work necessary to commission its Coastal GasLink pipeline had been carried out “ahead of schedule”, according to a press release.
They must allow TC Energy “to undertake the introduction of natural gas” into the pipeline.
The gas pipeline “is progressing in accordance with the estimated cost of approximately $14.5 billion,” said its CEO François Poirier.
The project, estimated three years ago at 6.6 billion Canadian dollars, weighed on the finances of the company, which recently sold some of its assets.
TC Energy announced last month the sale of 40% of its stake in the Columbia Gulf and Columbia Gas systems to the American fund Global Infrastructure Partners (GIP) for the sum of 5.3 billion Canadian dollars.
The company announced that it suffered a net loss of $197 million, compared to a net profit of $841 million for the same period last year.
TC Energy, based in Calgary, also welcomed the “considerable progress” made during this quarter with the Southeast Gateway gas pipeline project in Mexico.
The important permits concerning the land part of the gas pipeline have “all” been obtained and it is progressing “according to the planned schedule”.
The company also announced that its board of directors will be chaired from 1er January by John E. Lowe, a longtime energy executive.