TransCanada Fights Keystone Denial With $15 Billion Appeal
- Company plans claim under North American Free Trade Agreement
- Lawsuit against U.S. filed in Houston court over rejection
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TransCanada Corp. opened one of the largest trade appeals ever brought against the U.S., seeking to recoup $15 billion tied to the Obama administration’s rejection of the Keystone XL oil pipeline.
The Canadian company intends to start a claim for costs and damages under the North American Free Trade Agreement against the U.S. after President Barack Obama’s rejection of the $8 billion project in November, according to filings Wednesday. The pipeline builder also sued the U.S. government, arguing Obama didn’t have the constitutional power to decide on the cross-border line.