TC Energy first proposed the 1,897-kilometre pipeline in 2005 to transport oil from Alberta to the U.S. Midwest. A divided three-judge panel of arbitrators, sitting at the International Centre for Settlement of Investment Disputes, ruled against TC Energy on Friday. TC Energy was treated unfairly and inequitably in the revocation of the permit, which was driven by political considerations. TC Energy said the company has not recognized in its financial statements, nor factored into its outlook, any potential recoveries related to the NAFTA claim. The same free-trade arbitration tribunal that heard TC Energy's case will consider the Alberta government's claim.

Source: CBC News July 17, 2024 08:41 UTC