TC CEO urges quicker timelines as globe clamours for stable energy supplies

The CEO of natural gas pipeline operator TC Energy Corp. says Canada risks missing out on opportunities to provide global markets with a secure supply of energy if permitting timelines aren’t significantly shortened.

François Poirier says there’s been heightened demand for more liquefied natural gas exports off the West Coast of North America — especially to Asia — since the U.S. and Israel launched their war on Iran about three weeks ago.

The conflict has choked off the strategically vital Strait of Hormuz, through which one-fifth of the world’s oil and LNG supplies ordinarily pass from the Persian Gulf to the open sea.

Poirier says the conflict has underscored how much customers appreciate getting their energy from suppliers that can avoid pinch points like the Strait of Hormuz.

But he says Canada would be better able to compete with other LNG players for that business if it didn’t take so long to approve new pipeline projects to coastal waters.

He points to a recent seven-month permitting process for a project in Mexico — he stresses no corners were cut — while federal legislation passed in Canada last year aims to cap timelines at two years.