The nearly two-decade-long oil pipeline saga surrounding the failed Keystone XL pipeline is nearing an end as Calgary-based TC Energy has lost its bid to recoup $15 billion from the U.S. government.Calgary-based TC Energy first proposed the 1,897-kilometre pipeline in 2005 to transport oil from Alberta to the U.S. Midwest.
U.S. President Joe Biden signs his first executive orders in the Oval Office on Jan. 20, 2021, in Washington, D.C., including one that cancelled the permit for the Keystone XL pipeline. A divided three-judge panel of arbitrators, sitting at the International Centre for Settlement of Investment Disputes, ruled against TC Energy on Friday.
"This ruling does not align with our expectations and views of the plain interpretation of the protections NAFTA and the USMCA were designed to offer," he said, referring to the United States-Mexico-Canada Agreement. "TC Energy was treated unfairly and inequitably in the revocation of the permit, which was driven by political considerations."
Pipe waiting to be used in the construction of the Alberta leg of the Keystone XL in September 2020.
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