[ Global News ] Alberta finance minister defends $1.3B loss on Keystone XL pipeline as ‘calculated decision’

Alberta’s finance minister says the province’s $1.3-billion investment of taxpayers’ money in the now-defunct Keystone XL oil pipeline project was a prudent gamble given the potential payoff in profits and jobs.

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Premier Jason Kenney and his United Conservative government, in early 2020, committed $1.5 billion in direct financing and $6 billion more in loan guarantees to TC Energy Corp.

The KXL expansion project was to take more Alberta oil across the United States and down to ports and refineries on the Gulf Coast in Texas.