TransCanada suspends $15-bn lawsuit against US after Trump approves Keystone pipeline project
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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