Keystone Pipeline Developer Suing Biden Admin for $15 Billion in Damages

TC Energy will be seeking to recover more than US$15 billion in damages that it has suffered as a result of the U.S. Government’s breach of its NAFTA obligations.

The developer of Keystone XL pipeline, TC Energy Corporation (TSX, NYSE: TRP) announced on Monday it has filed a Notice of Intent to initiate a legacy North American Free Trade Agreement (NAFTA) claim under the United States-Mexico-Canada Agreement to recover economic damages resulting from the revocation of the Keystone XL Project’s Presidential Permit.

Joe Biden signed an executive order on his first day in office that halted the Keystone Pipeline project, saying the move was part of his administration’s larger agenda to tackle climate crisis.

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When revoking the permit to Keystone XL pipeline, Joe Biden said that it “disserves the U.S. national interest, thus leaving the Keystone XL pipeline permit in place would not be consistent with my Administration’s economic and climate imperatives.”

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