Company abandons controversial Keystone XL pipeline project | Economic News

A few months after US President Joe Biden revoked the pipeline permit, critics welcomed the declaration as a “victory.”

A few months after US President Joe Biden, the company behind a controversial oil pipeline has officially abandoned the project Revoke its license.

in a statement On Wednesday, TC Energy said it had terminated the Keystone XL project “after a comprehensive review of its options” and negotiated with its partner, the oil-rich Alberta government in Western Canada.

“The company will continue to coordinate with regulatory agencies, stakeholders and indigenous groups to fulfill its environmental and regulatory commitments, and to ensure the safe termination and exit of the project,” TC Energy said.

Prime Minister of Alberta Jason Kenny’s government It invested 1.5 billion Canadian dollars (1.1 billion US dollars) in the Keystone project last year, stating that the pipeline is necessary to support the province’s economy.

But the project faces Resolutely opposed for many years Environmental organizations, landowners and indigenous communities from Canada and the United States believe that this threatens their land and waters and will exacerbate the climate crisis.

In January of this year, just a few hours after his inauguration, Biden fulfilled his campaign promise and revoked the presidential license for the project issued by former President Donald Trump.

The 1,947-kilometer (1,210-mile) Keystone XL pipeline will extend from Alberta, Canada to Nebraska, USA, and will transport 830,000 barrels of oil daily between the two countries.

The Indigenous Environmental Network, an indigenous advocacy organization based in the United States, welcomed Wednesday’s statement. “After more than ten years, we finally defeated the oil and gas giant! Keystone XL is dead! For this victory, our hearts are dancing!” The group tweeted.

“From tar sands to the Gulf-we go hand in hand to protect the lives, water and our communities of the next seven generations. This is not the end-but the beginning of further victory. We know this in our hearts.”

“We hope that the Biden administration can continue to move this country in the right direction by opposing fossil fuel projects that threaten our climate, waters, and endangered wildlife. Get rid of Keystone XL!” Say Jared Margolis of the Center for Biodiversity of the U.S. Environmental Protection Organization.

The government of Canadian Prime Minister Justin Trudeau has Support pipeline, But Trudeau said in January that he accepted Biden’s decision to cancel the project.

Alberta Governor Kenny said in a statement on Wednesday that his government remains “disappointed and frustrated with the circumstances surrounding the Keystone XL project, including the cancellation of the presidential permit for pipeline transit.”

“That said, Alberta will continue to play an important role in a reliable and affordable North American energy system. We will work with our US partners to ensure that we can develop and ship our resources responsibly Meet the energy needs of the United States.”

The statement stated that the Alberta government expects the total cost of the project to be 1.3 billion Canadian dollars (1.07 billion US dollars).

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