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The planned Keystone XL crude oil pipeline was blocked by the White House in 2021 © Reuters The Canadian energy company that tried and failed to build the controversial Keystone XL pipeline is spinning off its oil transportation business to focus on shipping natural gas. The decision by Calgary-based TC Energy, announced on Thursday, comes a little more than two years after it was forced to abandon plans to build the $8bn Keystone XL from Canada into the US in the wake of President Joe Biden’s decision to pull a necessary permit. The company said the planned transaction, which followed a two-year strategic review, would leave a gas-focused business “uniquely positioned to meet growing industry and consumer demand for reliable, lower-carbon energy”. “We have determined that as two separate companies we can better execute on these distinct opportunity sets to unlock shareholder value,” said François Poirier, TC Energy chief executive. The company, formerly named TransCanada, shot to prominence in the US and Canada over the past decade as the proposed Keystone XL project — which would have carried bitumen from the northern Alberta oil sands to refineries on the US Gulf coast — became the focal point of a […]
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