TC Power Inc. has filed a proper request for arbitration under NAFTA regulations, in search of compensation from the U.S. executive for the money it spent on seeking to enhance the cancelled Keystone XL pipeline.
the corporate mentioned in an announcement past due Monday that it has officially filed bureaucracy below a component of NAFTA regulations that allows firms to seek repayment for lost investment.
U.S. President Joe Biden symbolically killed the pipeline on his first day in place of job in advance this year, the end result of a multi-12 months saga beneath three U.S. presidents to construct a pipeline to convey 900,000 barrels a day of crude oil from Alberta to refineries at the U.S. Gulf Coast.
The pipeline used to be proposed beneath the Obama administration, who ultimately rejected the appliance on environmental grounds. President Trump then revived the mission, prior to Biden squashed it again.
WATCH | How politics killed the Keystone XL pipeline:
Skilled says politics played a job in the dying of Keystone XL
University of Calgary’s Richard Masson says politics played a role at the dying of the Keystone XL venture pipeline. The Alberta govt and TC Power introduced these days the termination of the pipeline mission. THREE:38
Even Supposing TC Power is trying to get reimbursement for the money it spent trying to enhance the project, it has no purpose of reviving the pipeline.
“As a public corporate, TC Power has a duty to our shareholders to seek recovery of the losses incurred due to the permit revocation, which resulted within the termination of the project,” the corporate mentioned in a press free up.
Bloomberg reported Tuesday that the corporate is seeking $15 billion US.