Author: Stefan Baumgarten
2021/06/11 TORONTO (ICIS) Canada s oil industry has suffered yet another blow as the Keystone XL oil pipeline was formally cancelled this week, leaving taxpayers in oil-rich Alberta province with a Canadian dollar (C$) 1.3bn ($1.1bn) loss on their government s investment in the project. The 830,000 bbl/day, nearly 2,000km pipeline has often been described as critical for the future of Alberta’s oil industry. Due to start up in 2023, the long-delayed project would have provided direct access for producers to US Gulf Coast refining markets. However, on Wednesday, Canadian energy infrastructure major TC Energy (formerly TransCan
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The pipeline, which would have been under construction this year, was blocked after U.S. President Joe Biden revoked a key permit on his first day in office.