TC Energy Corp. is terminating the Keystone XL pipeline, ending a project that appeared to have run out of options after Joe Biden pulled its permit as one of his first official acts as U.S. President.
The Calgary-based company’s decision on Wednesday formally ends a 13-year regulatory odyssey that saw the proposed pipeline blocked twice by former president Barack Obama and revived by his successor Donald Trump.
The project’s cancellation is a significant blow to Alberta, whose economy has struggled in the face of constrained pipeline access and whose government bought an ownership stake last year.
Keystone XL, which had become a focal point for climate change activists in Canada and the United States, was designed to ship 830,000 barrels of crude a day along a 1,947-kilometre route from Hardisty, Alta., to Steele City, Neb. It would have given Alberta oil companies a long-sought direct route to refineries on the U.S. Gulf Coast.
TC Energy, which first proposed the massive project in 2008, suspended construction in January after Mr. Biden revoked a presidential permit issued by the previous administration.
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