The Alaska Senate passed Governor Bill Walker’s bill to buy TransCanada out of the Alaska LNG Project on Tuesday.
Eleven days into the third special session this year, Senators voted 16-3 to appropriate approximately $68,455,000 to acquire TransCanada Corp.’s interest in the proposed gasline project.
The legislation also requests additional appropriations totalling $75,600,000 to fund the State’s continued participation.
The bill will now head to the Alaska House, whose members have been holding hearings on the issue since the special session began on October 24.
Under the arrangement that was created for the project before Gov. Walker took office, TransCanada would hold Alaska’s interest in the pipeline and gas treatment plant while the Alaska Gasline Development Corp. would hold Alaska’s interest in liquefaction facilities.
The governor recommended a buyout to give Alaska a better seat at the table for the project.
TransCanada Projects Director Vincent Lee said last Thursday the company supported the recommendation.