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TransCanada suspends $15-bn lawsuit against US after Trump approves Keystone pipeline project
Calgary, Mar 2 (IBNS): With the approval of Keystone pipeline project by US President Donald Trump, TransCanada Corp has suspended their lawsuit against the US government, which they had claimed towards damages and costs amounting to 15 billion dollars, said media reports.
The Obama administration had earlier rejected the project mainly due to the pressure of environmental lobby which had been campaigning for last seven years.
The lawsuit was initiated under North American Free Trade Agreement (NAFTA).
In the website of International Center for the Settlement of Investments Disputes, it was announced that Trans Canada's centering pipeline had been suspended until 27th March,2017 pursuant to mutual agreement.
The Keystone XL pipeline was intended to link existing pipeline networks in Canada and USA to transport crude oil from Alberta and North Dakota to refineries in Illinois and eventually to Gulf of Mexico.
(Reporting by Chandan Som)
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