TransCanada $TRP said it’s cancelling plans to build a pipeline that would ship 1.1 million barrels of oil per day from Western Canada to the Atlantic coast.
TransCanada Corp $TRP abandoned construction of its 4,500-kilometre (2,800 mile) oil pipeline from Hardisty, Alberta, to Saint John, New Brunswick, taking a C$1 billion ($798 million) non-cash charge.
Energy East would have given oil producers in Alberta and Saskatchewan about 1.1 million barrels a day to refineries and a marine-shipping terminal in eastern Canada. Also, Energy East would have provided Canadian oil producers with access to buyers in India.
“We understand that it is driven by a broad range of factors that any responsible business must consider. Nonetheless, this is an unfortunate outcome for Canadians,” Alberta Premier Rachel Notley said.
“Everything Justin Trudeau touches becomes a nightmare,” Conservative opposition deputy leader said.