TC Power terminates Keystone XL pipeline months after Biden revokes allow

2021-06-10 02:14:26

TC Power stated on Wednesday it had terminated the Keystone XL pipeline undertaking.

The transfer comes 5 months after U.S. President Joe Biden signed an govt order to revoke the allow that will permit the Keystone XL pipeline growth undertaking to proceed.

The undertaking was beforehand authorised by TC Power and would have seen the 1,930-kilometre pipeline transport as much as 830,000 barrels of oil a day from Alberta to Nebraska.

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It was anticipated to price US$8 billion.

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The growth was green-lit by former U.S. president Donald Trump in January of final 12 months.

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 undertaking.

“We stay dissatisfied and annoyed with the circumstances surrounding the Keystone XL undertaking, together with the cancellation of the presidential allow for the pipeline’s border crossing,” Alberta Premier Jason Kenney stated in an announcement.

TC Power stated it might proceed to coordinate with regulators, stakeholders and Indigenous teams to satisfy its environmental and regulatory commitments and guarantee a secure termination of and exit from the undertaking.

-Extra to return…

-With recordsdata from World Information

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