TC Energy scraps KXL project after President Biden revokes key permit

Getty Company officially nixes Keystone XL pipeline

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 US landowners, Native American tribes and environmentalists.

The 1,200-mile line, created to carry crude from Canada's oil sands through Montana, South Dakota and southern Nebraska, has faced years of pointed opposition from environmental and community groups, as well as a number of legal battles that landed the project before the U.S. Supreme Court.

TC Energy said that it is coordinating with regulators, stakeholders, and Indigenous groups to ensure a safe termination of the project.

This termination comes after the presidential permit for the Keystone XL border crossing was revoked by USA administration in January, on Joe Biden's first day in office.

"However, terminating our relationship with TC Energy's project is in the best interest of Albertans under current conditions", Savage said in the release.

The sponsor of the Keystone XL crude oil pipeline pulled the plug on the contentious project Wednesday after Canadian officials failed to persuade President Joe Biden to reverse his cancellation of its permit on the day he took office. That investment came even amid expectations Biden would make good on his word and cancel the permit for the project, which was revived by his predecessor Donald Trump.

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The province had hoped the pipeline would spur increased development in the oil sands and bring tens of billions of dollars in royalties over decades. That turned Keystone into a flashpoint in the climate debate, and it became the focus of rallies and protests in Washington, D.C., and other cities.

The project was first proposed in 2008 as an extension of the existing Keystone Pipeline network. Environmentalists, Native Americans, and some landowners had opposed the move.

"Through the process, we developed meaningful Indigenous equity opportunities and a first-of-its-kind, industry leading plan to operate the pipeline with net-zero emissions throughout its lifecycle", said TC Energy's President and Chief Executive Officer, François Poirier. "The Company will continue to build on its 70-year history of success and leverage its diverse businesses in natural gas and liquids transportation along with storage and power generation to continue to meet the growing and evolving demand for energy across the continent".

Keystone XL's price tag had ballooned as the project languished, increasing from $5.4 billion to $9 billion.

A White House spokesperson did not immediately respond to a request for comment on TC Energy's announcement.

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