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Sun Jun 26, 2016, 12:29 PM

TransCanada Files $15B NAFTA Claim on Keystone XL Rejection

TransCanada Corp. is seeking to recoup $15 billion for the Obama administration’s rejection of the Keystone XL oil pipeline, in a legal claim that highlights how foreign companies can use trade deals to challenge U.S. policy.

The Calgary-based pipeline operator filed papers late Friday seeking arbitration under the North American Free Trade Agreement, arguing that TransCanada had every reason to believe it would win approval to build Keystone XL. Instead, President Barack Obama last November determined that the pipeline, which would have carried Canadian oil sands crude to the U.S. Gulf coast, wasn’t in the national interest. In response, TransCanada in January vowed to use arbitration provisions in Chapter 11 of Nafta to recover costs and damages.

The company said the U.S. spent seven years delaying a final decision on the project with multiple rounds of “arbitrary and contrived” analyses and justifications.

“None of that technical analysis or legal wrangling was material to the administration’s final decision,” TransCanada said in Friday’s filing. “Instead, the rejection was symbolic and based merely on the desire to make the U.S. appear strong on climate change, even though the State Department had itself concluded that denial would have no significant impact on the environment.

http://www.newsmax.com/t/newsmax/article/735649

Sounds like they have a good case. Something else to add to Obama's "legacy" ...

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Reply TransCanada Files $15B NAFTA Claim on Keystone XL Rejection (Original post)
Gamle-ged Jun 2016 OP
PrimeCustodian Jun 2016 #1

Response to Gamle-ged (Original post)

Sun Jun 26, 2016, 01:18 PM

1. That ought to be interesting ...

I will be watching closely: I have opposed the Keystone XL Oil Pipeline on the ground that it has created a huge Negative Environmental Impact!

I sure hope it fails!!!

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