The Calgary-based company has officially filed a request for arbitration in its bid for “economic damages” resulting from President Joe Biden’s decision to cancel the project.
Cancelling the presidential permit issued by predecessor Donald Trump was one of Biden’s first decisions when he took office in January.
The decision effectively marked the end of a 13-year, on-again, off-again dispute that bedevilled three American presidents and two Canadian prime ministers.
In the process, Keystone XL became an enduring symbol for environmental activists determined to prevent what they considered a dangerous and damaging expansion of Alberta’s oilsands.
The company officially abandoned all hope for the expansion in June, and shortly afterward filed notice of its intent to seek compensation under the now-defunct North American Free Trade Agreement.
Its replacement, the U.S.-Canada-Mexico Agreement, allows companies to file legacy claims for lost investment under the terms of the previous deal.
“As a public company, TC Energy has a responsibility to our shareholders to seek recovery of the losses incurred due to the permit revocation, which resulted in the termination of the project,” the company said in a statement.
“We will not comment further and will follow the process as set out.”
Officials at the U.S. State Department and the office of U.S. Trade Representative Katherine Tai did not immediately respond to media requests on Tuesday.