GoA Investing $1.5B To Accelerate Construction on Keystone Pipeline

The provincial government is helping TC Energy Corporation move forward with the Keystone XL pipeline.

The GoA announced on Tuesday they were investing $1.5 billion in 2020 to accelerate construction on the project.

Next year, they’re slated to provide the company an additional $6 billion loan.

“We cannot wait for the end of the pandemic and the global recession to act. There are steps we must make now to build our future focussed on jobs, the economy, and pipelines,” said Premier Jason Kenney, in a release.

“This investment in Keystone XL is a bold move to re-take control of our province’s economic destiny and put it firmly back in the hands of the owners of our natural resources, the people of Alberta.

The pipeline would be nearly 2,000 km long, connecting Hardisty, Alberta, to Steele City, Nebraska. It would transport around 830,000 barrels per day to Gulf Coast Refineries.

“The project will have a net return of over $30 billion to the Alberta taxpayer through royalties and higher prices for Alberta oil in the next 20 years,” added Kenney.

The project is expected to create around 1,400 direct and 5,400 indirect jobs across the province.

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