US President Joe Biden revoked the license for TC Energy’s Keystone XL pipeline based in Calgary through executive action after taking the oath of office on Wednesday.
The plan to revoke the license for the $ 8 billion pipeline was first revealed by CBC News on Sunday and shocked Alberta.
Last year, the Alberta government agreed to invest about 1.5 billion as equity for the project, plus billions of dollars in loan guarantees. As a result, the project in the Canadian area was built over a few months with about 1,000 workers in southeastern Alberta.
In a statement, Prime Minister Justin Trudeau said he was “disappointed but accepted President Biden’s decision to fulfill his campaign promises”
Trudeau said his government welcomed the new administration’s move to rejoin the Paris Agreement and the World Health Organization while suspending oil and natural gas rentals at the Animal Reserve. Arctic National Wild.
Conservative Party leader Erin O’Toole called the deregulation of the pipeline “devastating.”
In a statement released Wednesday morning, TC Energy said it was disappointed by the move and warned it would result in thousands of unionized workers being laid off.
If completed, the 1,897 km pipeline would transport 830,000 barrels of crude oil a day from the fields in Alberta to Nebraska. It will then connect to the original Keystone pipeline that runs to refineries on the US Gulf Coast.
Canadian producers, who have struggled for years at low prices, due to the sometimes clogged pipes, have long supported Keystone XL.
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