TC Energy's spin-off of South Bow pipeline business approved by shareholders | Globalnews.ca

Thermocouple vitality The company's shareholders have voted in favor of divesting the company's crude oil pipeline business.

Shareholders of the Calgary-based company approved its previously announced plan to split into two independent public companies at its annual meeting on Tuesday.

The plan will TC Energy It looks more like a utility company, focusing on natural gas infrastructure as well as nuclear, pumped storage and new low-carbon energy opportunities.

The company's crude oil pipelines, including the critical Keystone pipeline system, will become part of a new liquids pipeline business called South Bow.

The new company will be headquartered in Calgary with an office in Houston.

TC Energy said the separation of the business lines will enable faster growth.

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