After years of planning, TransCanada has announced it's pulling the plug on the Energy East Pipeline Project.
In a release, TransCanada President Russ Girling says after careful review it will be informing the National Energy Board that it will no longer be proceeding with Energy East.
He cites "changed circumstances" for the decision.
The project would have carried crude oil from Alberta to New Brunswick.
At hearings in northwestern Ontario on Energy East, TransCanada Pipelines singled out only a few local waterways as so-called sensitive areas.
During a recent stop in Dryden, the Canadian Association of Oilwell Drilling Contractors stressed the importance of the project to the Canadian economy as well as the oil and gas sector.
Vice President of Communications John Bayko stated Energy East was critical to mitigating the need for Quebec and the Maritime provinces to import foreign oil.
He stressed the two provinces imported $17-billion in foreign oil in 2015.
Bayko added that the project would have created about 4,200 jobs in Ontario over its first seven years of operation.