Alberta oil company TC Énergie confirms abandonment of Keystone XL project

Construction activities to advance the project have been suspended in January 2021 After the US revoked the permit authorizing the expansion of the Keystone XL pipeline.

The Company will continue to work with regulators, project stakeholders and Indigenous communities to meet our environmental and regulatory obligations and to ensure the site is safely closed.TC Energy says in a press release.

For its part, the Alberta government announced that it is also withdrawing from the project. In a press release, he indicated that he is still exploring his options to recover the money invested.

Alberta invested $5 billion and $6 billion loan guarantees in the project. The province estimates that public investment in moving oil through the Keystone XL pipeline will cost Albertans about $1.3 billion.

We are disappointed and frustrated by the circumstances surrounding the Keystone XL project, including the revocation of the presidential permit allowing the pipeline to cross the border. However, Alberta will continue to play an important role in [le développement] Reliable and affordable power sector in North America. We will continue to work with our US partners to ensure that we can meet US energy demand through responsible development of our resource transfer.Alberta Premier Jason Kenney said in a press release.

Alberta Energy Secretary Sonia Savage says the province invested in the project because of the economic benefits it would have.

Terminating our relationship with TC Energy is in the best interests of Albertans in the current situation, specify.

The opposition demands accountability

For its part, New Democratic energy critic Kathleen Ganley called on the Alberta government to reveal the details of the agreement it reached with TC Energy.

The Prime Minister must reveal the contents of the failed deal and apologize to all Albertans for the irresponsible loss of their moneyهمShe said in a press release.

The NPDNew Democratic Party It also claims to have asked the Auditor General to review all documents relating to the agreement between UCP and Keystone XL, as well as to provide a performance audit to examine the process, oversight and management of the risk framework surrounding the transaction.