TC Energy said on Wednesday that it has terminated the Keystone XL pipeline project.
The move comes five months after US President Joe Biden signed an executive order revoking a permit allowing the Keystone XL pipeline expansion project to continue.
The project was previously approved by TC Energy and would have seen the 1,930 kilometer pipeline transport up to 830,000 barrels of oil a day from Alberta to Nebraska.
It was expected to cost US$8 billion.
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The expansion was flagged off by former US President Donald Trump in January last year.
The company went into losses in the first quarter, fueled by allegations of C$2.2 billion ($1.81 billion) loss related to the suspension of the Keystone XL project.
“We are disappointed and disappointed by the circumstances surrounding the Keystone XL project, including the cancellation of the President’s permit to cross the pipeline boundary,” Alberta Premier Jason Kenney said in a statement.
TC Energy said it will continue to coordinate with regulators, stakeholders and indigenous groups to meet its environmental and regulatory commitments and ensure a safe completion and exit of the project.
-more to come…
-With files from Granthshala News