Saturday, July 03, 2021

TC Energy seeks more than $15 billion in damages from U.S. over Keystone XL

(Reuters) -TC Energy Corp is seeking more than $15 billion in damages from the U.S. government over the cancellation of its Keystone XL (KXL) project, the Canadian pipeline operator said on Friday
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© Reuters/Terray Sylvester FILE PHOTO: A depot used to store pipes for TC Energy Corp's planned Keystone XL oil pipeline is seen in Gascoyne

The company earlier this month officially canceled the $9 billion project after U.S. President Joe Biden revoked a key permit needed to build it on his first day in office in January.

TC Energy said on Friday it had filed a notice of intent to begin a legacy North American Free Trade Agreement (NAFTA) claim under the United States-Mexico-Canada agreement.

The project, which was planned to carry 830,000 barrels of heavy crude per day across the border from Alberta in Canada to Nebraska, had been delayed for over a decade following opposition from U.S. landowners, Native American tribes and environmentalists.

The company had booked a C$2.2 billion ($1.79 billion)impairment charge to its first-quarter results in May related to the suspension of construction on the project.

($1 = 1.2321 Canadian dollars)

(Reporting by Shariq Khan in Bengaluru; Editing by Sriraj Kalluvila)

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