Enbridge revealed its intentions to sell or monetize at least C$3bn ($2.3bn) worth non-core assets in 2018 after finalizing its strategic plan and outlook following its $28bn merger with Spectra Energy.
The assets that would either be sold or monetized next year include certain unregulated gas midstream and onshore renewables businesses of the firm.
The Canada-based energy infrastructure company said that it has assessed C$10bn ($7.78bn) of assets as non-core, out of the C$160bn ($124.4bn) worth assets it held as of 30 September 2017 throughout the group.
As of now, Enbridge has come up with a three-year plan for the 2018-2020 period.
The company says that it wants to focus on its three crown jewel businesses which are liquids pipelines and terminals, natural gas transmission and storage, and natural gas utilities.
In this regard, the company plans to streamline its asset mix to a pure regulated pipeline and utility business model. Enbridge added that the model will emphasize low risk and strong growth in the three crown jewel businesses.
Enbridge says that it will concentrate on growing its core businesses further by extending and expanding its liquids pipeline, natural gas transmission and gas utility franchises.
Enbridge president and CEO Al Monaco said: “The acquisition of Spectra Energy has significantly diversified our asset base and opportunity set, and repositioned Enbridge for the future, particularly with respect to natural gas which we see as having excellent fundamentals and opportunities going forward.”
“Integration is going well and synergy capture is on target. We have continued to successfully execute on our secured capital program, with roughly $12 billion of new projects expected to be put into service in 2017."
Following the completion of the merger with Spectra, Enbridge revealed its decision to cut around 1,000 jobs to remove existing duplications in the organizational structure, Reuters reported, citing the company’s spokesman Todd Nogier.