TC Energy seeks NAFTA damages over canceled Keystone XL project

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Nov 23 (Reuters) – Canadian pipeline operator TC Energy Corp (TRP.TO) late Monday submitted a proper request for arbitration beneath the North American Free Trade Agreement, searching for compensation from the U.S. authorities for the cancellation of its Keystone XL project.

U.S. President Joe Biden canceled Keystone XL’s allow on his first day in workplace in January, dealing a loss of life blow to a project that will have carried 830,000 barrels per day of heavy oil sands crude from Alberta to Nebraska.

The firm formally canceled the $9 billion project in June, and the subsequent month it filed a discover of intent to start a legacy NAFTA declare, searching for greater than $15 billion in damages from the U.S. authorities. learn extra

The proposed project had been delayed for over a decade following opposition from U.S. landowners, Native American tribes and environmentalists.

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Reporting by Rithika Krishna in Bengaluru; Editing by Amy Caren Daniel

A TC Energy pump station sits behind mounds of dirt from the Keystone XL crude oil pipeline as it lies idle near Oyen, Alberta, Canada February 1, 2021.  REUTERS/Todd Korol

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