With funding support from the Alberta government, on March 31 TC Energy announced the company will proceed with construction of the Keystone XL Pipeline. This vital export project is a 1,947 kilometre pipeline capable of safely delivering 830,000 barrels per day of crude oil from Hardisty, Alberta, to Steele City, Nebraska. From there it will connect with TC Energy’s existing facilities to reach U.S. Gulf Coast refiners. The pipeline project will inject some US$8.0 billion into the North American economy.
An investment of US$1.1billion from the Government of Alberta will create much-needed employment opportunities here in Canada. The province expects the project will create 1,400 direct and 5,400 indirect jobs in Alberta during construction, and will generate an estimated CDN$30 billion in tax and royalty revenues for provincial and federal governments over the next two decades.
“This is good news for Canada,” says Tim McMillan, president and CEO of the Canadian Association of Petroleum Producers (CAPP). “This project is a critical component in getting Canadian oil to market and will play an important role in Canada’s post-pandemic economic recovery.
“CAPP is encouraged by TC Energy’s commitment to invest in the future of Canadian energy. The actions taken by government and industry will have a significant impact on Canada’s energy industry and will get Canadians back to work today and for decades to come.”
“The project has broad support from landowners, customers, Indigenous groups and numerous partners in the U.S. and Canada, which helped the company secure key regulatory approvals,” says Russ Girling, TC Energy President and CEO.