(Washington) Pipeline giant TC Energy is formally seeking compensation from the US government to cancel the Keystone XL cross-border expansion project.
The Calgary-based company has formally applied for arbitration in its claim for “economic damage” resulting from US President Joe Biden’s decision to cancel the project.
Grant permission to Donald Trump
Repealing his predecessor Donald Trump’s presidential statement was one of Biden’s first decisions when he took office in January.
The decision effectively ended a 13-year conflict that had intermittently suffered three US presidents and two Canadian prime ministers.
In the process, Keystone XL became an icon for environmental activists determined to prevent what they saw as the dangerous and harmful expansion of the Alberta tar sands.
The company formally gave up any hope of expanding in June, and soon thereafter, it gave notice of its intent to claim compensation under the former North American Free Trade Agreement (NAFTA).
Its alternative, the Canada-United States-Mexico Agreement (CUSMA), allows companies to file claims for lost investments under the terms of the previous agreement.
“As a public company, TC Energy has a responsibility to its shareholders to seek to recover losses incurred as a result of the revocation of the permit, which led to the closure of the project,” the company said in a statement.
We will not comment further and will follow the process as directed. ”
Officials from the US State Department and the office of US Trade Representative Catherine Taye did not immediately respond to media inquiries on Tuesday.
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