Company drops contentious Keystone XL pipeline project

The company behind a contentious oil pipeline that would have stretched between Canada and the United States has officially abandoned the project, months after US President Joe Biden revoked its permit.

In a statement on Wednesday, TC Energy said it had terminated the Keystone XL project “after a comprehensive review of its options” and in consultation with its partner, the government of Alberta, an oil-rich province in western Canada.

“The Company will continue to coordinate with regulators, stakeholders and Indigenous groups to meet its environmental and regulatory commitments and ensure a safe termination of and exit from the Project,” TC Energy said.

Right-wing Alberta Premier Jason Kenney’s government invested 1.5 billion Canadian dollars ($1.1bn) in the Keystone project last year, saying the pipeline was necessary to support the provincial economy.