TC Energy Keystone XL Pipeline Moves Forward after Alberta Commits $1.1B

Source: www.gulfoilandgas.com 3/31/2020, Location: North America

TC Energy Corp would proceed with its $8 billion Keystone XL pipeline with financial backing from the oil-rich province of Alberta, pushing the long-delayed project forward amid a global oil market collapse.

Alberta’s investment shows how Canadian governments are stepping up financial support for the industry despite a crash in oil prices and climate-change concerns.

Alberta said it would invest $1.1 billion in Keystone XL and back TC Energy’s $4.2 billion credit facility. TC Energy shares gained 4.8%.

Keystone XL, which would carry 830,000 barrels per day of crude from Alberta to the U.S. Midwest, has been delayed for more than a decade by opposition from landowners, environmental groups and tribes.

TC Energy expects to buy the Alberta government’s stake once the project enters service in 2023.


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