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Keystone XL pipeline now dead after Biden had blocked permit

Keystone XL pipeline now dead after Biden had blocked permit”

The company said it would work with regulators, stakeholders and Indigenous groups to ensure a safe exit from the multi-billion dollar project. "However, terminating our relationship with TC Energy's project is in the best interest of Albertans under current conditions".

The Government of Alberta and TC Energy Corporation have agreed to an exit from the Keystone XL project and partnership, with final costs to the Alberta government expected to be $1.3 billion.

The controversial bitumen pipeline was planned to cover 1,947 kilometres of land from Hardisty, Alberta, to Steele City, Nebraska, carrying 830,000 barrels of crude from western Canadian oil fields to Gulf Coast refineries per day.

Last year, Premier Jason Kenney announced Alberta would invest $1.5 billion in equity as well as a $6 billion loan guarantee.

Construction on the long-delayed and contentious pipeline began in 2020 under former President Trump. O fficials in Alberta, where the line originated, expressed frustration in recent weeks that Trudeau wasn't pushing Biden harder to reinstate the pipeline's permit. "We remain grateful to the many organizations that supported the project and would have shared in its benefits, including our partners, the Government of Alberta and Natural Law Energy", TC Energy President and Chief Executive Officer François Poirier said in the release. The company and province plan to try to recoup the government's investment, although neither offered any immediate details on how that would happen.

This termination comes after the presidential permit for the Keystone XL border crossing was revoked by United States administration in January, on Joe Biden's first day in office.

More news: Department of Justice officials discuss Colonial Pipeline ransomware attack

Climate change activists viewed the expansion of oil sands development as an environmental disaster that could speed up global warming as the fuel is burned.

"Good riddance to Keystone XL", said Jared Margolis with the Center for Biological Diversity, one of many environmental groups that sued to stop it.

While asserting that the Keystone project "would not serve the US national interest", Biden said that his January 20 order is created to "promote and protect our public health and the environment; and conserve our national treasures and monuments, places that secure our national memory".

University of Calgary's Richard Masson says politics played a role at the death of the Keystone XL project pipeline.

Fox News could not immediately reach the White House for comment.

The company said it would continue to look for opportunities in the energy transition and in powering existing US assets with renewable energy.



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