Alberta’s finance minister defends $1.3 billion loss on Keystone XL as ‘calculated decision’

Alberta’s finance minister defends $1.3 billion loss on Keystone XL as ‘calculated decision’

The KXL expansion project was to take more Alberta oil across the United States and down to ports and refineries on the Gulf Coast in Texas. Premier Jason Kenney and his United Conservative government, in early 2020, committed $1.5 billion in direct financing and $6 billion more in loan guarantees to TC Energy Corp. Around that time, the project faced multiple court challenges. The emerging U.S. Democratic party candidate, now President Joe Biden, promised in his election campaign to cancel it.

“If prices go down because we don’t have enough pipeline capacity, we can lose hundreds of millions of dollars in provincial revenue.” “In this province, we produce over three million barrels a day of oil from the oilsands alone,” said Savage.

They made the comments a day after the project operator, TC Energy Corp. of Calgary, officially abandoned the multibillion-dollar cross-border project. Energy Minister Sonya Savage added the decision meshed with a broader commitment to grow Alberta’s wellspring industry.

“The UCP gambled wrong,” said Ceci. “Yesterday’s loss is another example of how this premier has failed our energy sector.” Ceci characterized the decision to invest in Keystone XL as an irresponsible gamble given that the project was already in jeopardy when the line’s backer, then-U.S. president Donald Trump, was facing stiff opposition to retain the presidency.

Opposition NDP critic Joe Ceci, during question period, renewed a call for the government to release all details surrounding the contract to confirm the calculated $1.3-billion hit to Alberta’s bottom line. Biden did so in January on his first day in office, saying more product from Alberta’s oilsands does not mesh with his larger goal of combating climate change.

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