TransCanada Formally Seeks Damages over Keystone XL Rejection

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)