TC Energy terminates Keystone XL pipeline project
Part of TransCanada’s Keystone XL pipeline under construction in Atoka, Oklahoma.
Daniel Acker | Bloomberg | Getty Images
Energy infrastructure company TC Energy on Wednesday announced it had terminated the $ 9 billion Keystone XL pipeline project, months after US President Joe Biden revoked a key permit in a blow to Canada’s oil industry.
Keystone XL, reportedly under construction this year, was to transport 830,000 barrels per day of oil sands crude from Alberta to Nebraska.
But opposition from American landowners, Native American tribes and environmentalists had delayed the project for the past 12 years, with Biden pledging to cancel the permit, which he did on his first day in office.
“We remain disappointed and frustrated with the circumstances surrounding the Keystone XL project, including the cancellation of the presidential permit for the pipeline border crossing,” Alberta Premier Jason Kenney said in a statement.
TC Energy said it will continue to coordinate with regulators, stakeholders and Indigenous groups to meet its environmental and regulatory commitments and ensure a safe end and exit of the project.
The company recorded a loss in the first quarter, impacted by C $ 2.2 billion ($ 1.81 billion) impairment charges related to the suspension of the Keystone XL project.