Keystone XL pipeline is officially dead. What does this mean for Canada?
“We did commit to delivering on pipelines, and we made a calculated decision around investing in the KXL pipeline, a pipeline that would have provided $30 billion of wealth creation for Albertans over the next 20 years,” Travis Toews told the house Thursday.
Energy Minister Sonya Savage added the decision meshed with a broader commitment to grow Alberta’s wellspring industry. They made the comments a day after the project operator, TC Energy Corp. of Calgary, officially abandoned the multibillion-dollar cross-border project.
“If prices go down because we don’t have enough pipeline capacity, we can lose hundreds of millions of dollars in provincial revenue.”
TC Energy terminates Keystone XL pipeline months after Biden revokes permit
Story continues below advertisement “In this province, we produce over three million barrels a day of oil from the oilsands alone,” said Savage.
The KXL expansion project was to take more Alberta oil across the United States and down to ports and refineries on the Gulf Coast in Texas. Premier Jason Kenney and his United Conservative government, in early 2020, committed $1.5 billion in direct financing and $6 billion more in loan guarantees to TC Energy Corp.
Around that time, the project faced multiple court challenges. The emerging U.S. Democratic party candidate, now President Joe Biden, promised in his election campaign to cancel it. Developer pulls plug on Keystone XL pipeline 4:13
Developer pulls plug on Keystone XL pipeline
News Highlights Business
- Alberta Finance Minister Defends $ 1.3 Billion Loss On Keystone XL Pipeline As ‘Calculated Decision’
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