Keystone XL Pipeline Owners Seek $15 Billion in Compensation From US for Cancelation of Project

The developers of the Keystone XL pipeline, TC Energy Inc., are seeking $15 billion against the U.S. government in compensation for money already spent developing the canceled pipeline.

President Joe Biden killed the pipeline earlier this year, citing climate change, following a 13-year dispute lasting three presidential administrations.

The Keystone Pipeline, which was still under construction upon its termination, was to bring 900,000 barrels a day of crude oil from Alberta to refineries on the U.S. Gulf Coast.

The pipeline project was then revived by former President Donald Trump before its permit was rescinded by Biden on his first day in office.

TC Energy stated that "The U.S. decision to revoke the permit was unfair and inequitable," saying that it has a public responsibility to its "Shareholders to seek recovery of the losses incurred due to the permit revocation," but that it has no intention of ever reviving the pipeline.

TC Energy filed its formal arbitration claims under legacy provisions of the North American Free Trade Agreement, which allows foreign companies to challenge U.S. policy decisions and seek compensation for lost investments.

The case is being arbitrated under NAFTA rules instead of the current U.S.-Mexico-Canada Agreement, as pipeline construction started when NAFTA trade laws were still in effect.

https://www.theepochtimes.com/keystone-xl-pipeline-owners-seek-15-billion-in-compensation-from-us-for-cancelation-of-project_4121477.html