Keystone XL Pipeline Terminated

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Researched by Industrial Info Resources (Sugar Land, Texas)--It's official: The Keystone XL Pipeline is canceled.

TC Energy Corporation (NYSE:TRP) (Calgary, Alberta) announced Wednesday it had terminated hotly disputed, $9 billion project. It would have carried 830,000 barrels per day of crude oil from Alberta's oil sands to Nebraska.

Keystone XL had been opposed by the Obama administration, supported by the Trump administration, then opposed again by the Biden administration. Proponents of the project said it was necessary for energy infrastructure and would create jobs, but it was widely opposed by environmental activists, landowners and Native American tribes. President Joe Biden revoked the Presidential Permit on January 20--his first day in office.

"TC Energy Corporation confirmed today that after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta, it has terminated the Keystone XL Pipeline Project," the company said in a press release. "Construction activities to advance the project were suspended following the revocation of its Presidential Permit on January 20, 2021. The company will continue to coordinate with regulators, stakeholders and indigenous groups to meet its environmental and regulatory commitments and ensure a safe termination of and exit from the project."

Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Pipeline Project Database can click here for a list of projects associated with Keystone XL.

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