TransCanada seeking damages
USA
CALGARY, June 27, 2016 – TransCanada Corporation has formally requested arbitration against the US government over its rejection of the Keystone XL oil pipeline. Through a legal procedure, for which the company filed its papers on Friday, TransCanada hopes to recover USD 15 billion.
In a statement, the company said it had worked to “reach an amicable settlement” with the US government, adding that the parties “were unable to settle the dispute.” In November 2015, President Barack Obama rejected the plans for a 1,897-km cross-border pipeline that would transport Canadian crude to the US via Montana, South Dakota and Nebraska.
TransCanada first announced it would be taking legal action under the North American Free Trade Agreement in January. The pipeline plans had been under US process review for seven years.
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