Vincent Lee, of TransCanada Corp., center, appears before the House Finance Committee on Wednesday, Oct. 28 in Juneau. The Alaska Legislature is considering a buyout of TransCanada from a major liquefied natural gas project that the state is pursuing. The bill advanced through the Senate Finance Committee on Monday.

Vincent Lee, of TransCanada Corp., center, appears before the House Finance Committee on Wednesday, Oct. 28 in Juneau. The Alaska Legislature is considering a buyout of TransCanada from a major liquefied natural gas project that the state is pursuing. The bill advanced through the Senate Finance Committee on Monday.

Senate Finance advances TransCanada buyout bill

JUNEAU — The Senate Finance Committee has advanced legislation authorizing funding for a state buyout of a partner in a major proposed gas project.

The committee advanced a rewrite of Gov. Bill Walker’s bill that includes funding requested by the administration for buyout- and project-related costs.

The administration has laid out a timeline for completing the buyout of TransCanada Corp.’s interest in the project by Dec. 1. Project partners are scheduled to vote Dec. 4 on the 2016 work scope and budget.

TransCanada’s interests would be transferred to the state-sanctioned Alaska Gasline Development Corp., which already would hold the state’s interest in liquefaction facilities.

A Senate vote is expected as early as Tuesday. If the bill passes, it would go to the House, which has been holding hearings on the issue.

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