TC Energy (TransCanada Corporation) is looking for a solution to deal with US President Doge Biden's halted Keystone XL oil pipeline project, including the sale of rolled metal purchased for the project.
The company has not officially canceled Keystone XL, but has announced the suspension of the project, discussing all possible options with partners and stakeholders, including the Government of Canada, which last year invested $ 1.1 billion in the pipeline.
“The Keystone XL project team is evaluating what it can do with all of its equipment, including steel purchased for the line,” TC Energy said in a statement released today.
US Hot Rolled Steel Cost has grown almost three times since August last year.
In 2020, the company installed about 145 km of Keystone XL pipe in Canada, but did not install any pipe in the United States, except for the 1.2-mile border crossing.
TC Energy proposed the pipeline project more than ten years ago to offer another option for transporting Western Canadian oil to the United States. The pipeline will transport oil from Hardisty, Alberta, to Steel City, Nebraska, where it will connect with other TC Energy pipelines in Cushing, Oklahoma, and the southeast coast of Texas.
The project was first proposed in 2008, but it was repeatedly postponed. Former US President Barack Obama blocked Keystone XL in 2015 after years of analysis, citing environmental concerns. The project was revived in 2017 with the permission of the administration of former President Donald Trump.
On January 21, US President Joseph Biden signed a decree to end the construction of the Keystone XL pipeline on the border with Canada. According to American experts, Biden did this as part of a plan to achieve US climate neutrality by 2050. The plan calls for drastic measures to cut carbon emissions, bringing fossil fuel consumption to near zero.