Alberta government ends its involvement in Keystone XL project

Pipeline sign

TC Energy Corp. today said it has has terminated the Keystone XL pipeline project. ShannonPatrick17/Flickr

That investment vaporized when the Biden administration in the US cancelled the permit for the project on its first day in office.

The Alberta government agreed past year to invest about $1.5 billion as equity in the project, plus billions more in loan guarantees in order to get the pipeline moving.

Energy Minister Sonya Savage said the provincial government remains "undeterred" in its commitment to stand up for its energy sector. "We remain grateful to the many organizations that supported the project and would have shared in its benefits, including our partners, the Government of Alberta and Natural Law Energy", TC Energy President and Chief Executive Officer François Poirier said in the release. She was not available for an interview Wednesday.

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It would have moved up to 830,000 barrels of crude daily, connecting in Nebraska to other pipelines that feed oil refineries on the U.S. Gulf Coast.

The Albertan government was a key backer of Keystone XL, striking a deal for a $1.5-billion equity investment in the project in 2020 and offering $6 billion in loan backstops for 2021. After Biden effectively cancelled the project, Kenney urged the federal government to press Washington to review the decision and to impose trade sanctions if that didn't happen.

"We remain disappointed and frustrated with the circumstances surrounding the Keystone XL project, including the cancellation of the presidential permit for the pipeline's border crossing", Alberta premier Jason Kenney said in a release.

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On Wednesday, he said the province will still work with US partners to play a role in meeting American energy demands.

TC Energy says it will be working with regulators, stakeholders and Indigenous groups to ensure a safe termination, and exit, from the Project. "We will continue to identify opportunities to apply this level of ingenuity across our business going forward, including our current evaluation of the potential to power existing USA assets with renewable energy".

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