TC Energy terminates Keystone XL pipeline project

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Pipeline blocked after Biden revoked a key allow on his first day in workplace

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The route of the Keystone XL crude oil pipeline lies idle by a farmer’s area after building stopped close to Oyen, Alberta. Picture by Todd Korol/Reuters information

Vitality infrastructure firm TC Vitality stated on Wednesday it had terminated the US$9 billion Keystone XL pipeline challenge.

The pipeline, which might have been below building this 12 months, was blocked after U.S. President Joe Biden revoked a key allow on his first day in workplace.

The corporate swung to a loss within the first quarter, hit by $2.2 billion (US$1.81 billion) impairment prices associated to the suspension of the Keystone XL challenge.