TC Energy Corp. will split into two separate companies spinning off its liquids pipelines business.

CALGARY — TC Energy Corp. says it will split into two separate companies by spinning off its liquids pipelines business.

The Calgary-based pipeline giant says its board of directors has approved the plan, which comes as the result of a two-year strategic review.

Following the transaction, TC Energy will focus on natural gas infrastructure as well as nuclear, pumped hydro energy storage and new energy opportunities.

The new liquids pipeline business will focus on enhancing the value of the company's existing 4,900 kilometres of crude oil pipelines.

The company says the transaction is expected to be completed in the second half of 2024.

The new liquids pipeline business will be publicly traded and will be headquartered in Calgary, with an office in Houston, Texas.

This report by The Canadian Press was first published July 27, 2023.

Companies in this story: (TSX:TRP)

The Canadian Press