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(Bloomberg) — The oil-rich Canadian province that was hit hard by Joe Biden’s move to kill the Keystone XL pipeline is considering seeking compensation from the U.S. through an old free-trade rule that’s still in place. Alberta, which spent C$1.5 billion ($1.2 billion) to help jump start construction of the project, may resort to a North American Free Trade Agreement provision allowing compensation claims for lost investments, Alberta Premier Jason Kenney said. While Nafta was replaced by the United States-Mexico-Canada Agreement during the Trump administration, the rule remains in place during a phase-out period. To “retroactively remove regulatory approval on the basis of which an investment was made is, in my view, a slam dunk case of a claim for damages through Nafta under the investor protection provisions,” Kenney said on a Facebook live Tuesday. “We believe we have a very strong case for damages, and we’ll be continuing to work with TC Energy on that.” The pipeline cancellation dealt another blow to an oil-dependent province that was already reeling from two crude-market crashes since 2014. TC Energy Corp.’s Keystone XL would ship more than 800,000 barrels a day of crude from Alberta’s oil sands to U.S. refineries. The […]
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