Keystone XL to Start Construction with $8 Billion in Financial Aid from Alberta
- Apr 3, 2020 2:45 pm GMT
Photo: permission to use
Calgary-based TC Energy is starting construction on the Keystone XL pipeline between Hardisty, Alberta and Steele City, Nebraska, after the Jason Kenney government announced a US$1.1-billion “strategic investment” and put up another $4.2 billion in loan guarantees to underwrite the fiercely-contested project.
With one U.S. dollar selling for C$1.40 on the day of the announcement, Alberta’s gift to the pipeliner formerly known as TransCanada is worth $7.42 billion in Canadian funds, in the same week the province announced layoffs for thousands of teaching assistants, school secretaries, and janitors whose schools were closed by the coronavirus pandemic. Fossil industry newsletter Rigzone styled Kenney’s unparalleled generosity as “an approximately US$8 billion worth of financial support from the Province of Alberta”.
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