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2016-06-27 18:15:00

TRANSCANADA WANTS $15 BLN

TRANSCANADA WANTS $15 BLN

 

TRANSCANADA PIPELINE MAP

 

According to BOE, TransCanada Corp. is seeking to recoup $15 billion for the Obama administration's rejection of the Keystone XL oil pipeline, in a legal claim that highlights how foreign companies can use trade deals to challenge U.S. policy.

The Calgary-based pipeline operator filed papers late Friday seeking arbitration under the North American Free Trade Agreement, arguing that TransCanada had every reason to believe it would win approval to build Keystone XL. Instead, President Barack Obama last November determined that the pipeline, which would have carried Canadian oil sands crude to the U.S. Gulf, was not in the national interest. In response, TransCanada in January vowed to use arbitration provisions in Chapter 11 of Nafta to recover costs and damages.

The company said the U.S. spent seven years delaying a final decision on the project with multiple rounds of "arbitrary and contrived" analyses and justifications.

"None of that technical analysis or legal wrangling was material to the administration's final decision," TransCanada said in Friday's filing. "Instead, the rejection was symbolic and based merely on the desire to make the U.S. appear strong on climate change, even though the State Department had itself concluded that denial would have no significant impact on the environment."

INVESTOR-STATE PROVISIONS

TransCanada's claim could reinvigorate opponents of the proposed Trans-Pacific Partnership and make it even harder for advocates of that 12-nation trade deal to get it ratified by Congress. Like Nafta, the Trans-Pacific Partnership includes investor-state dispute settlement provisions that allow foreign companies to challenge domestic laws in front of international arbitration panels.

Foreign companies could exploit the investor-state dispute settlement provisions in the Trans-Pacific Partnership to weaken U.S. environmental policy and labor protections. TransCanada's Nafta claim highlights the risk, said Sierra Club executive director Michael Brune.

"TransCanada's attempt to make American taxpayers hand over more than $15 billion because the company's dirty Keystone XL pipeline was rejected shows exactly why Nafta was wrong and why the even more dangerous and far-reaching Trans-Pacific Partnership must be stopped," Brune said in an e-mailed statement.

TPP IN BALANCE

"The TPP would empower thousands of new firms operating in the U.S, including major polluters, to follow in TransCanada's footsteps and undermine our critical climate safeguards in private trade tribunals," Brune said.

The Obama administration has struggled to advance the Trans-Pacific Partnership amid opposition from many Democratic lawmakers, including critics such as Massachusetts Democratic Senator Elizabeth Warren. But Obama said he was "confident" he'd be able to win ratification of the trade accord in a news conference in Germany in April. The best opportunity to advance the pact could come after political "heat" from the U.S. primary election season dies down, Obama suggested.

Obama administration officials have said there are adequate protections in the Trans-Pacific Partnership to prevent the arbitration process from being exploited. Obama last month said the "terrible scenarios" painted by critics haven't materialized under existing trade agreements.

'POLITICALLY DRIVEN'

Nafta claims by corporations against the U.S. have been relatively rare since the trade pact went into effect in 1994. The U.S. has a good track record in winning, but companies typically emerge victorious in similar international disputes, according to Public Citizen's Global Trade Watch.

In a notice of intent filed in January, TransCanada said the U.S. violated its obligations under Nafta by blocking a border-crossing permit for Keystone XL. "The delay and the ultimate decision to deny the permit were politically driven, directly contrary to the findings of the administration's own studies and not based on the merits of Keystone's application," the company said.

The company also is arguing that Obama did not have the authority to block the project in a separate lawsuit filed in a Texas-based federal district court.

A spokesman for TransCanada did not immediately respond to requests for comment via e-mail and voice-mail outside of regular office hours.

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Earlier: 

TRANSCANADA & CPG: $13 BLN 

TRANSCANADA DEAL: $13 BLN

 

 

 

Tags: TRANSCANADA, OIL, PIPELINE, USA, KEYSTONE

Chronicle:

TRANSCANADA WANTS $15 BLN
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

TRANSCANADA WANTS $15 BLN
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

TRANSCANADA WANTS $15 BLN
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

TRANSCANADA WANTS $15 BLN
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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