Keystone XL developer to seek $15bn in damages from Biden administration

TC Energy claims that the government breached NAFTA obligations by blocking the construction of the project

The Big Zero report

North American energy infrastructure company TC Energy, owner of the major Keystone XL Pipeline will seek $15 billion (£10.8bn) in damages after the project was blocked by President Biden.

The project, supported by ex-President Trump was designed to connect the world’s third-largest oil reserve in Western Canada to a giant block of refineries on the US Gulf Coast.

The so-called Keystone XL Pipeline aimed to carry more than 800,000 barrels of oil a day.

In January, Joe Biden signed an executive order to halt the construction of the oil pipeline.

One month ago, TC Energy confirmed that it plugged the plug on the controversial 1,200-mile project.

In a statement, the firm said: “TC Energy will be seeking to recover more than $15 billion (£10.8bn) in damages that it has suffered as a result of the US government’s breach of its North American Free Trade Agreement obligations.”

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