TC Energy, the world’s largest pipeline company, has filed a formal complaint with the US government over the cancellation of the Keystone XL expansion project.
The Calgary-based firm has officially filed an arbitration request in its pursuit for “economic damages” as a result of President Joe Biden’s cancellation of the project.
When he started office in January, one of Biden’s first acts was to revoke the presidential permit provided by his predecessor, Donald Trump.
The decision basically put an end to a 13-year on-again, off-again feud between three US presidents and two Canadian prime ministers.
In the process, Keystone XL became an enduring symbol for environmental activists determined to prevent what they considered a dangerous and damaging expansion of Alberta’s oilsands.
The company officially abandoned all hope for the expansion in June, and shortly afterward filed notice of its intent to seek compensation under the now-defunct North American Free Trade Agreement.
Its replacement, the U.S.-Canada-Mexico Agreement, allows companies to file legacy claims for lost investment under the terms of the previous deal.
“As a public company, TC Energy has a responsibility to our shareholders to seek recovery of the losses incurred due to the permit revocation, which resulted in the termination of the project,” the company said in a statement.
Officials at the U.S. State Department and the office of U.S. Trade Representative Katherine Tai did not immediately respond to media requests on Tuesday.
Source_ The Canadian Press