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TransCanada Formally Seeks Damages over Keystone XL Rejection

Posted by June 26, 2016

TransCanada Corp is formally requesting arbitration over U.S. President Barack Obama's rejection of the Keystone XL pipeline, seeking $15 billion in damages, the company said in legal papers dated Friday.

Obama rejected the Canadian company's cross-border crude oil pipeline last November, seven years after it was first proposed, saying it would not make a meaningful long-term contribution to the U.S. economy.

(Reporting by Ethan Lou in Toronto, Editing by Franklin Paul)
 

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