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Kansas Ag News Headlines
Ricketts Praisies Alberta Funding for XL Pipeline Progress
Kansas Ag Connection - 04/02/2020

Wednesday, Governor Nebraska Pete Ricketts issued a statement following news that TC Energy is moving forward with construction of the Keystone XL pipeline.

"The long-awaited start of construction on the Keystone XL pipeline is tremendous news for Nebraskans," said Ricketts. "The project will upgrade our energy infrastructure, increase our nation's energy independence, and bring great-paying jobs to our state. Additionally, several Nebraska counties will benefit from a surge in property tax revenues from the pipeline project."

The Keystone XL Pipeline will receive more than $1 billion of funding from the Canadian state of Alberta to accelerate construction, the Canadian Broadcasting Co. reported.

The Government of Alberta will invest CAD1.5bn ($1.05bn) from today and has guaranteed a CAD6bn ($4.2bn) loan from 2021. The announcement follows six months of funding talks to ensure rapid construction of the 1,947 km Keystone XL pipeline.

Alberta premier Jason Kenney said, "We cannot wait for the end of the pandemic and the global recession to act. There are steps we must make now to build our future focussed on jobs, the economy, and pipelines.

"After construction is complete, we will be able to sell our shares at profit. In addition, the project will have a net return of over CAD30bn to the Alberta taxpayer through royalties and higher prices for Alberta oil in the next 20 years."

Construction will begin at the US-Canada border immediately.

The announcement says production in Alberta "is limited by the lack of pipelines".

It continues, "Without the ability to export more oil, there is no incentive for producers to invest in more production in Alberta. [...] Without more pipelines, the future of our oil and gas industry is capped; with today's announcement, employers and investors should have the confidence to maintain existing projects and to spend new money on new projects."


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