Newspaper article International New York Times

TransCanada Seeks $1.5 Billion over Keystone

Newspaper article International New York Times

TransCanada Seeks $1.5 Billion over Keystone

Article excerpt

The action to recover damages for the blocked pipeline deal will be taken through a provision of the North American Free Trade Agreement.

TransCanada has said that it will seek $15 billion in damages over the Obama administration's decision to cancel the company's Keystone XL pipeline project.

The company is taking the unusual step of suing through the North American Free Trade Agreement, calling the decision "arbitrary and unjustified."

"TransCanada has been unjustly deprived of the value of its multibillion-dollar investment by the U.S. administration's action," the company said. "Rather, the denial was a symbolic gesture based on speculation about the (false) perceptions of the international community regarding the administration's leadership on climate change."

The $8 billion Keystone XL pipeline would have connected Canada's oil sands to American refineries on the Gulf Coast. …

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