Winnipeg Free Press By: The Canadian Press
Last Modified: 6:05 PM CDT Wednesday, Jun. 9, 2021 Save to Read Later
CALGARY - Another Canadian oil pipeline has bitten the dust after TC Energy Corp. said it was walking away from the Keystone XL pipeline project, ending a decade-plus battle that pitted the energy industry against environmentalists as oilsands producers sought to export Canadian crude.
In this Dec. 18, 2020 photo, pipes to be used for the Keystone XL pipeline are stored in a field near Dorchester, Neb. THE CANADIAN PRESS/AP-Chris Machian /Omaha World-Herald via AP
CALGARY - Another Canadian oil pipeline has bitten the dust after TC Energy Corp. said it was walking away from the Keystone XL pipeline project, ending a decade-plus battle that pitted the energy industry against environmentalists as oilsands producers sought to export Canadian crude.
TC Energy last month took a $2.2-billion writedown on the cancelled project, which pushed the company to a loss in its most recent quarterly earnings.
It approved spending US$8 billion in March 2020 to complete the pipeline after the Alberta government agreed to take a $1.5 billion equity stake in Keystone and provide a $6 billion loan guarantee to ensure work started immediately.
The Calgary-based company on Wednesday confirmed its decision to terminate the pipeline after conducting a comprehensive review of its options and consulting with the Alberta government.
The government said its final costs are expected to be $1.3 billion. We remain disappointed and frustrated with the circumstances surrounding the Keystone XL project, Alberta Premier Jason Kenney said in a statement, including the cancellation of the presidential permit for the pipeline’s border crossing.
A court hearing on the way that shippers will contract volumes on Canada’s most important pipeline could turn out to be the most important battle for Canadian oil
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