Abandoning the Keystone XL Project | The Finance Minister says Alberta will not pay much more than that

(Edmonton) Alberta’s Finance Minister said taxpayers will not be forced to spend more than the $ 1.3 billion already earmarked for the now-stalled Keystone XL pipeline project.


Dean Bennett
The Canadian Press

Travis Toyoz, responding to questions from opposition financial critic Shannon Phillips, said during the committee’s deliberations on the 2021-2022 budget that the government does not expect the amount to “go up significantly.”

It was also revealed during the meeting that although a loss of 1.3 billion was not included in the budget, it was included in the government’s talking points.

The New Democratic Party (NDP) has been demanding financial details since Prime Minister Jason Kenny and his United Conservative government in early 2020 invested $ 1.5 billion in direct financing and another $ 6 billion in loan guarantees for pipeline operator TC Energy for Keystone. Cross-Border Expansion Project XL.

The pipeline was to transport more Alberta oil through the United States and to ports and refineries on the Texas Gulf Coast.

At that time, the project faced multiple legal challenges. And the candidate of the emerging Democratic Party in the United States, Joe Biden, who became president, had promised during his election campaign to cancel him.

President Biden did so in January on his first day in office, saying the project was inconsistent with his goal of tackling climate change.

Alberta’s 2021-2022 budget, presented by Toews on February 25, did not take into account the $ 1.3 billion in Keystone XL-related spending.

Mr Toews said this will be the case when final accounts are made for the current fiscal year, which ends on March 31. Officials said it had not been counted because the government was still trying to get the money back.

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Prime Minister Kenny told the House of Representatives during the question period on Monday that his government would sue the U.S. government to recover funds under rules inherited from the previous North American Free Trade Agreement, or NAFTA.

NAFTA is replaced by the Canada, United States, and Mexico Agreement (CUSMA), but investors can still file a lawsuit under the NAFTA until mid-2023.

The American administration slapped this country by vetoing this project. Kenny promised to stand trial under the North American Free Trade Agreement. ”

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