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TransCanada’s U.S. Keystone XL lawsuit suspended: arbitration court

Posted by: Admin | Posted on: February 28th, 2017 | 0 Comments

CALGARY, Alberta TransCanada Corp (TRP.TO) has suspended a $15 billion suit filed against the United States over the Keystone XL pipeline after U.S. President Donald Trump approved the project last month.

The monthlong suspension of the challenge under the North American Free Trade Agreement came after Trump signed orders smoothing the path for Keystone XL, inviting the company to reapply for a permit after the administration of former president Barack Obama had rejected the project.

Environmentalists had campaigned against the pipeline for more than seven years.

In an entry dated Monday, the website of the International Centre for the Settlement of Investment Disputes showed TransCanada’s legal challenge over the pipeline was suspended until March 27, pursuant to mutual agreement.

TransCanada confirmed the challenge has been suspended but did not immediately offer additional comment.

TransCanada Corp had sought $15 billion in damages, according to legal papers, seeking to recover what it says are costs and damages.

The Keystone XL was designed to link existing pipeline networks in Canada and the United States to bring crude from Alberta and North Dakota to refineries in Illinois and, eventually, the Gulf of Mexico coast.

(Reporting by Ethan Lou in Calgary, Alberta; Editing by Chizu Nomiyama and Bill Trott)

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