TC Energy Files $15B NAFTA Claim Over Keystone XL Cancellation
TC Energy Corporation filed a Notice of Intent to initiate a legacy North American Free Trade Agreement (NAFTA) claim under the United States-Mexico-Canada Agreement to recover economic damages resulting from the revocation of the Keystone XL Project’s Presidential Permit.
TC Energy will be seeking to recover more than $15 billion in damages that it has suffered as a result of the U.S. Government’s breach of its NAFTA obligations.
TC Energy officially canceled the project in early June following U.S. President Joe Biden’s revocation of a a key permit needed for a U.S. stretch of the 1,200-mile project.
Keystone XL was proposed in 2008 to bring oil from Canada's Western tar sands to U.S. refiners.
The pipeline was expected to carry 830,000 barrels per day of Alberta oil sands crude to Nebraska, but the project was delayed for the past 12 years due to opposition from U.S. landowners, Native American tribes and environmentalists, Reuters reported.
The Notice of Intent was filed with the U.S. Department of State, Office of the Legal Adviser.
TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP.
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