A TransCanada Corp. official told Alaska’s House Finance Committee Wednesday that despite strongly believing in the Alaska LNG project, the company supports the governor’s proposed buyout.
Vincent Lee called the recommendation for the state to buy TransCanada’s interest in the project a mutual dissolution.
The Legislature is in special session to consider the pros and cons of the state buying controlling interest in the project.
Governor Bill Walker has requested about $158 million for the buyout, roughly $68 million of which would go to TransCanada.
The remaining funds would cover the rest of the state’s share for the current phase and costs for the state agencies involved.
In the existing partnership, TransCanada would hold Alaska’s interest in the pipeline and liquefied natural gas treatment plant.
Walker says the state needs a greater say in the project and would gain that by buying TransCanada’s seat at the table.
