Canada-based TC Energy Corporation 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.
TC Energy says it will be seeking to recover more than US$15 billion in damages that it says it has suffered as a result of the revocation.
The Notice of Intent was filed with the US Department of State, Office of the Legal Adviser.
In June, TC Energy confirmed that after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta, it had terminated the Keystone XL Pipeline Project. Construction activities to advance the Project were suspended following the revocation of its Presidential Permit on 20 January 2021.
The Keystone XL Pipeline would have connected the world’s third-largest oil reserve in western Canada to one of the world’s largest concentrations of oil refineries on the US Gulf Coast.