TC Vitality terminates Keystone XL pipeline mission
A part of TransCanada’s Keystone XL pipeline underneath building in Atoka, Oklahoma.
Daniel Acker | Bloomberg | Getty Photographs
Vitality infrastructure firm TC Vitality stated on Wednesday it had terminated the $9 billion Keystone XL pipeline mission, months after U.S. President Joe Biden revoked a key allow in a blow to Canada’s oil sector.
Keystone XL, which might have been underneath building this 12 months, was anticipated to hold 830,000 barrels per day of Alberta oil sands crude to Nebraska.
However opposition from U.S. landowners, Native American tribes and environmentalists had delayed the mission for the previous 12 years, with Biden pledging to scrap the allow, which he did on his first day in workplace.
“We stay dissatisfied and pissed off with the circumstances surrounding the Keystone XL mission, together with the cancellation of the presidential allow for the pipeline’s border crossing,” Alberta Premier Jason Kenney stated in an announcement.
TC Vitality stated it could proceed to coordinate with regulators, stakeholders and Indigenous teams to satisfy its environmental and regulatory commitments and guarantee a protected termination of and exit from the mission.
The corporate swung to a loss within the first quarter, hit by C$2.2 billion ($1.81 billion) impairment fees associated to the suspension of the Keystone XL mission.
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