The cost may rise an additional $1.2 billion beyond that estimate if more delays extend construction into 2024, the Canadian pipeline operator said Wednesday. The company indicated it might increase the size of a planned $5 billion asset-sale program to help pay for added costs, based on “strong market interest.”
The company said in November that Coastal GasLink’s costs would be much higher than anticipated, but it didn’t provide a number at the time. The pipeline, which will feed the Shell Plc-led LNG Canada plant on the British Columbia coast, has been delayed by a series of challenges including Covid-19, skilled-worker shortages and protests by environmentalists. Right now, the project is 83 per cent complete and the company is targeting “mechanical completion” by the end of this year, TC Energy said.
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