https://www.reuters.com/business/energy/tc-energy-terminates-keystone-xl-pipeline-project-2021-06-09/

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June 9, 202110:01 PM UTC

Transactional

TC Energy scraps KXL project after President Biden revokes key permit

Reuters

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2 minute read
A TC Energy pump station sits behind mounds of dirt from the Keystone
XL crude oil pipeline as it lies idle near Oyen, Alberta, Canada
February 1, 2021. REUTERS/Todd Korol

A TC Energy pump station sits behind mounds of dirt from the Keystone
XL crude oil pipeline as it lies idle near Oyen, Alberta, Canada
February 1, 2021. REUTERS/Todd Korol

A $9 billion dollar oil pipeline that became a symbol of the rising
political clout of climate change advocates and a flash point in
U.S.-Canada relations was officially canceled on Wednesday.

Keystone XL, which was proposed in 2008 to bring oil from Canada's
Western tar sands to U.S. refiners, was halted by owner TC Energy
after U.S. President Joe Biden this year revoked a key permit needed
for a U.S. stretch of the 1,200-mile project.

North American oil pipelines, including Dakota Access and Enbridge
Line 3, have faced steady opposition from environmental groups, which
are concerned about spills and want to slow any expansion of oil
production. 

"This is a landmark moment in the fight against the climate crisis,"
said Jared Margolis, a senior attorney at the Center for Biological
Diversity. "We're hopeful that the Biden administration will continue
to shift this country in the right direction by opposing fossil fuel
projects."

The Keystone XL pipeline was expected to carry 830,000 barrels per
day of Alberta oil sands crude to Nebraska, but the project was
delayed for the past 12 years due to opposition from U.S. landowners,
Native American tribes and environmentalists.

TC Energy said it would continue to coordinate with regulators,
stakeholders and Indigenous groups to meet its environmental and
regulatory commitments and ensure a safe termination of and exit from
the project.

"We remain disappointed and frustrated with the circumstances
surrounding the Keystone XL project, including the cancellation of
the presidential permit for the pipeline's border crossing," Alberta
Premier Jason Kenney said in a statement.

The company swung to a loss in the first quarter, hit by C$2.2
billion ($1.81 billion) impairment charges related to the suspension
of the Keystone XL project.

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TransactionalTC Energy scraps KXL project after President Biden
revokes key permit10:04 PM UTC

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