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  • Keystone XL May Be Sold for Scrap If Biden Moves to Kill It
    World
    Bloomberg

    Keystone XL May Be Sold for Scrap If Biden Moves to Kill It

    (Bloomberg) -- The Canadian province that invested $1.1 billion of taxpayers’ money in the controversial Keystone XL project is now considering the sale of pipe and materials to try to recoup some funds.“If the project ends, there would be assets that could be sold, such as enormous quantities of pipe,” Alberta Premier Jason Kenney said in a press conference Monday. “That would offset construction costs.”With Joe Biden set to be sworn in this week, the U.S. president-elect’s campaign promise to cancel the crude pipeline’s license is haunting the Canadian oil sands industry. The decision may come via executive action on his first day in office, CBC News reported on Sunday, citing people it didn’t identify.Meanwhile, the government of Justin Trudeau vowed to defend the project.Alberta, home to the world’s third-largest crude reserves, has struggled for years with a lack of pipeline capacity to ship its crude to the U.S. Gulf Coast and other markets. TC Energy Corp.’s Keystone XL was one of the possible pipelines the industry was counting on to solve that.The cancellation of Keystone XL would cost Alberta taxpayers just over C$1 billion ($785 million), Kenney said.In March, Kenney’s government agreed to fund the first year of construction with a $1.1 billion investment and to guarantee $4.2 billion of loans as a way to jump-start construction.The province and TC Energy have a “solid legal basis” to recoup damages through the courts, Kenney also said.Canadian Energy Minister Seamus O’Regan said the federal government continues to support Keystone XL and will make the case for the project to the Biden administration.“Canadian oil is produced under strong environmental and climate policy frameworks, and this project will not only strengthen the vital Canada-U.S. energy relationship, but create thousands of good jobs for workers on both sides of the border,” said O’Regan in an email.Kenney stressed that the federal government had said the pipeline is the “the top priority” of Canada’s relationship with the U.S.“Sit down and review the many facts that have changed since KXL was proposed a decade ago,” Kenney said, citing reduced carbon emissions from the oil sands, labor agreements and an indigenous stake in the pipeline.More than a decade old, the Keystone XL project was first rejected by former-President Barack Obama due to concern about climate change, but his successor Donald Trump issued a new permit when he took office.The Canadian Association of Petroleum Producers said that canceling the project would kill thousands of jobs and offered to work with stakeholders to find a solution to complete the pipeline.From the archive: Why the Keystone XL Pipeline Project Is Controversial: QuickTakeFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Electric vehicle startup Rivian adds $2.65 billion investment led by T. Rowe Price
    Business
    Reuters

    Electric vehicle startup Rivian adds $2.65 billion investment led by T. Rowe Price

    Rivian, an electric vehicle startup backed by Amazon.com Inc and Ford Motor Co that aims to put an electric pickup and SUV in production this year, on Tuesday announced a $2.65-billion investment round led by T. Rowe Price. Rivian said it has raised $8 billion since the start of 2019. The California company's new valuation with this latest investment is $27.6 billion, according to a person familiar with Rivian's financials.

  • What will Joe Biden do to mortgage rates? See what experts say
    Business
    MoneyWise

    What will Joe Biden do to mortgage rates? See what experts say

    See what the experts anticipate for home borrowers under the new administration.

  • Tax season is delayed — prepare early so your refund isn't
    Business
    MoneyWise

    Tax season is delayed — prepare early so your refund isn't

    You can get your return ready and get the most out of your income while you wait.