Company drops contentious Keystone XL pipeline project | Economy News

Critics hail the announcement as a “victory” just months after US President Joe Biden revoked approval for the pipeline.

The company behind a controversial oil pipeline that would have stretched between Canada and the United States got the project up months after US President Joe Biden. officially abandoned revoke his permission.

In one statement On Wednesday, TC Energy said it had closed the Keystone XL project “after a thorough review of its options” and in consultation with its partner, the government of Alberta, an oil-rich province in western Canada.

“The company will continue to coordinate with regulators, stakeholders and indigenous groups to meet its environmental and regulatory obligations and ensure a safe completion and termination of the project,” said TC Energy.

Right Winger Alberta Premier Jason Kenney’s government invested Canadian $ 1.5 billion ($ 1.1 billion) in the Keystone Project last year, saying the pipeline was necessary to support the province’s economy.

But the project stood Years of tough resistance by environmental groups, landowners and indigenous communities in both Canada and the US, who argued that doing so would threaten their land and waters and worsen the climate crisis.

In January, just hours after his inauguration, Biden fulfilled an election promise and revoked the president’s approval of former President Donald Trump’s project.

The 1,947 km long Keystone XL pipeline was to extend from the Canadian province of Alberta to the US state of Nebraska and transport 830,000 barrels of oil between the two countries every day.

“This is great news for the tribes who have fought to protect our people and our land,” said Rodney M Bordeaux, president of the Rosebud Sioux Tribe, in a statement on the pipeline’s cancellation Wednesday. “The treaties and laws guarantee us protection, and we are committed to ensuring that these laws are observed.”

The Indigenous Environmental Network, a US-based indigenous advocacy group, also welcomed the news. “After more than 10 years, we’ve finally defeated an oil and gas giant! Keystone XL is dead! We dance in our hearts for this victory! ”Tweeted the group.

“From tar sands to the gulf, we stood hand in hand to protect the next seven generations of life, water and our communities. This is not the end – just the beginning of more victories. We know that in our hearts. “

“We hope that the Biden government will continue to steer this country in the right direction by rejecting fossil fuel projects that threaten our climate, waters and endangered wildlife. Get well soon for Keystone XL! ” said Jared Margolis of the Center for Biological Diversity, another US-based group.

The government of Canadian Prime Minister Justin Trudeau had supported Keystone XL, but Trudeau said in January that he accepted Biden’s decision to abandon the project.

Alberta Prime Minister Kenney said in a statement Wednesday that his administration was “disappointed and frustrated with the circumstances of the Keystone XL project, including the revocation of presidential approval for the pipeline’s border crossing.”

“But Alberta will continue to play an important role in a reliable and affordable North American energy system. We will work with our US partners to ensure that we can meet US energy needs through the responsible development and transportation of our resources. “

The statement said the Alberta government is expected to meet a total cost of $ 1.3 billion ($ 1.07 billion) in the project.

Comments are closed.