Canada plans to sell Keystone XL for scrap if Biden kills project – By Bloomberg Staff (BNN) / January 19 2021
The Canadian province that invested US$1.1 billion of taxpayers’ money in the controversial Keystone XL project is now considering the sale of pipe and materials to try to recoup some funds.
“If the project ends, there would be assets that could be sold, such as enormous quantities of pipe,” Alberta Premier Jason Kenney said in a press conference Monday. “That would offset construction costs.”
With Joe Biden set to be sworn in this week, the U.S. president-elect’s campaign promise to cancel the crude pipeline’s license is haunting the Canadian oil sands industry. The decision may come via executive action on his first day in office, CBC News reported on Sunday, citing people it didn’t identify.
Meanwhile, the government of Justin Trudeau vowed to defend the project.
Kenney and Trudeau
Jason Kenney wants Justin Trudeau to press the incoming Biden administration on the importance of completing the Keystone XL pipeline.
Alberta, home to the world’s third-largest crude reserves, has struggled for years with a lack of pipeline capacity to ship its crude to the U.S. Gulf Coast and other markets. TC Energy Corp.’s Keystone XL was one of the possible pipelines the industry was counting on to solve that.