01:15 PM EDT, 07/16/2024 (MT Newswires) -- TC Energy's ( TRP ) claim for US$15 billion in compensation after U.S. President Joe Biden blocked construction of the company's Keystone XL pipeline project was rejected by an arbitration tribunal, the Canadian Press reported on Tuesday.

The International Centre for Settlement of Investment Disputes sided with United States and rejected the claim, which was based on legacy rules under the former North American Free Trade Agreement. The panel declined to hear the company's case because the final cancellation of the project came after NAFTA was superseded by the US-Mexico-Canada Agreement signed during the Trump Administration, the report said.

The Keystone XL pipeline project would have carried 830,000 barrels of Canadian oil-sands crude oil to refineries in Texas and Illinois. The project was initially rejected by the Obama Administration, revived by Donald Trump and then rejected by President Joe Biden in 2021 on his first day in office.

TC Energy ( TRP ) shares were last seen up $0.50 to $54.04 on the Toronto Stock Exchange.

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Price: 54.04, Change: +0.50, Percent Change: +0.93