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Alaska, TransCanada starting new partnership

Published on NewsOK Modified: June 17, 2014 at 4:17 pm •  Published: June 17, 2014
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JUNEAU, Alaska (AP) — The state and TransCanada Corp. have formally ended their relationship under terms of the Alaska Gasline Inducement Act, clearing the way for a new partnership to pursue a major gas project.

TransCanada for years pursued a pipeline project with state support under terms of the act. But the project focus shifted from a line that would serve North America markets to one that would serve overseas markets. The players changed, too, causing Gov. Sean Parnell to conclude that terms of the act did not fit with the project being considered.

The state, TransCanada, the major North Slope oil companies and Alaska Gasline Development Corp. agreed to work together to pursue a liquefied natural gas project.

Lawmakers approved state participation, setting the stage for a new agreement with TransCanada.