64 TC Energy’s planned spin-off of its oil pipeline division, South Bow, is aimed at increasing Canadian crude supply to U.S. Gulf of Mexico refiners. However, the venture encounters obstacles amidst fierce competition and substantial debt. The proposed spin-off, subject to a vote by TC investors on June 4, is part of TC’s strategy to reduce its own debt burden and concentrate on natural gas transportation. South Bow’s emergence coincides with Canada’s efforts to diversify its crude transportation options, including the recent expansion of Trans Mountain to facilitate shipments to the U.S. West Coast and Asia. In the U.S. Gulf, South Bow faces competition from Enbridge, which has its own strategy for expanding in the region and owns significant oil storage and export infrastructure in Texas. Despite access to third-party marine facilities, South Bow’s options for Gulf exports are limited compared to Enbridge. You Might Be Interested In Binance.US CEO Steps Down Amid Major Layoffs And Regulatory Turmoil New Zealand plans to adopt legislation requiring Google and Meta Platforms Inc., to compensate its media firms US Fed Approaches Confidence Threshold for Interest Rate Cuts, Says Powell Lockheed Martin’s PAC-3 MSE, Integrated With Aegis Weapon System, Successfully Defeats Target in Flight Test MTN Group Displays Strong Operational Performance in 2023 Gobble has been acquired for a nine-figure deal by Intelligent Foods
