TC Energy said on Wednesday it had terminated the Keystone XL pipeline project.
The move comes five months after U.S. President Joe Biden signed an executive order to revoke the permit that would allow the Keystone XL pipeline expansion project to continue.
The project was previously approved by TC Energy and would have seen the 1,930-kilometre pipeline transport up to 830,000 barrels of oil a day from Alberta to Nebraska.
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It was expected to cost US$8 billion.
The expansion was green-lit by former U.S. president Donald Trump in January of last year.
The company swung to a loss in the first quarter, hit by C$2.2 billion ($1.81 billion) impairment charges related to the suspension of the Keystone XL project.
“We remain disappointed and frustrated with the circumstances surrounding the Keystone XL project, including the cancellation of the presidential permit for the pipeline’s border crossing,” Alberta Premier Jason Kenney said in a statement.
TC Energy said it would continue to coordinate with regulators, stakeholders and Indigenous groups to meet its environmental and regulatory commitments and ensure a safe termination of and exit from the project.
-More to come…
-With files from Global News