{"id":6518,"date":"2021-12-01T13:16:55","date_gmt":"2021-12-01T21:16:55","guid":{"rendered":"https:\/\/essential.construction\/news\/keystone-xl-pipeline-developers-seek-15-billion-in-recovery-for-revocation-of-permits\/"},"modified":"2021-12-01T13:16:55","modified_gmt":"2021-12-01T21:16:55","slug":"keystone-xl-pipeline-developers-seek-15-billion-in-recovery-for-revocation-of-permits","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/keystone-xl-pipeline-developers-seek-15-billion-in-recovery-for-revocation-of-permits\/","title":{"rendered":"Keystone XL Pipeline Developers Seek $15 Billion In Recovery For Revocation Of Permits"},"content":{"rendered":"

This item was originally posted here: Read More<\/a><\/p>\n

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Washington, D.C. \u2013 Developers of Keystone XL Pipeline<\/a> are pursuing to obtain $15 billion in recovery for the revocation of the pipeline\u2019s building permit. President Biden has cancelled the permit for the border-crossing project after construction had already begun.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 TC Energy Corp<\/a>. & TC Pipelines<\/a> of Calgary, Alberta opened one of the largest trade appeals against the United States, requesting for Keystone XL to be in the front of the international arbitration panel. The legal claim is being held under the provisions of the North American Free Trade Agreement which permits foreign companies to object policy decisions of the U.S.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 TC Energy has stated the country\u2019s decision to rescind the permit was \u201cunfair and inequitable\u201d. The company blamed the U.S. for its 13-year controversial debate and uncertainty regarding Keystone XL.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The pipeline would have transported about 900,000 barrels of Canadian crude to refineries in America. Initially rejected by President Barack Obama, the project was then later revisited by President Donald Trump who revived the proposed project. On President Biden\u2019s first day of office, the pipeline was rejected once more.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Arbitration is still allowed in some legacy investments despite the new U.S.-Mexico-Canada Agreement which replaced NAFTA\u2019s use of investor-state dispute settlement programs.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 After Biden revoked the permit, TC Energy halted and terminated construction on Keystone XL.\u00a0 The company has no intention to resume construction regardless of the trade case\u2019s end result. The case has been filed for the purpose of recovering the investment TC Energy has lost during its time pursuing the pipeline.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The company\u2019s senior vice president, Richard Prior, claimed that the case is not for symbolic or political purposes but merely for business. Prior stated that TC Energy had all the needed permits and requirements ready to begin construction and that they have worked with both federal and state regulators in the U.S. and Canada. The case therefore is to recover for the destroyed value and time of investment.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 TC Energy asserts that the U.S. violated its obligations under NAFTA saying that the company agreed to abandon a previous NAFTA arbitration claim after the Trump administration promised \u201cits third application would be fairly considered by the United States\u201d. TC Energy is additionally reviewing earlier arguments during the Obama administration\u2019s dismissal of Keystone XL in 2015.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The dispute is said to go before an arbitration panel of three members. One will likely be selected by TC Energy while the second will be appointed by the U.S. and the third appointed by mutual agreement among both parties. The court has the authorization to award damages for a company\u2019s lost profits and costs.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Typically, investor-state dispute settlement claims by corporations against the U.S. are rare and the U.S. is known to win them. But companies have been successful in similar international disputes. Earlier this year, Germany agreed to pay US$2.9 billion to Sweden\u2019s Vattenfall AB as part of a compensation package which resolved a 10 yearlong brawl over Germany\u2019s decision to remove nuclear power. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 President Biden\u2019s decision to revoke the permit on his first day in office without a round of government analysis gives TC Energy an extremely strong cause under NAFTA regarding arbitrary discrimination.<\/p>\n

The post Keystone XL Pipeline Developers Seek $15 Billion In Recovery For Revocation Of Permits<\/a> first appeared on BYLT: Construction & Infrastructure News, Data & Analytics<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

This item was originally posted here: Read More Washington, D.C. \u2013 Developers of Keystone XL Pipeline are pursuing to obtain … Read more<\/a><\/p>\n","protected":false},"author":0,"featured_media":6519,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1066,1063],"tags":[],"class_list":["post-6518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-posts","category-bylt","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/6518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/comments?post=6518"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/6518\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media\/6519"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=6518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=6518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=6518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}