An Indigenous-backed energy company is seeking $50 million from pipeline operator TC Energy Corp. after a falling out between partners on the now-abandoned Keystone XL project.
Natural Law agreed that year to invest as much as $1 billion in Keystone XL. US President Joe Biden pulled a key permit after taking office in January 2021, squelching plans to complete the 830,000-barrel-a-day pipeline. “Following the termination of the Keystone XL Pipeline project, TC Energy sought but was unsuccessful in identifying other commercial opportunities for investment with Natural Law Energy that met our shared goals and interests,” Calgary-based TC Energy said in a statement emailed to Bloomberg. “We have a long-standing relationship with the signatory Nations and remain committed to working directly with each Nation to understand their priorities and seek future opportunities to work together.
Natural Law was excluded from participating in the case and wasn’t told that such action would be brought, according to Meguinis’s letter. “This bad faith activity had damaged financial and economic opportunities for Natural Law” and its participating Indigenous groups, he wrote.
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