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By Jim Snyder

NAFTA could let TransCanada Corp. recoup some of the $2.4 billion it has spent on its Keystone XL project, even if President Barack Obama rejects the pipeline.

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A provision in the accord would let the Canadian company file a claim against the U.S., accusing the government of discrimination. While trade specialists say a successful challenge would be a long shot, a NAFTA tribunal could award damages for costs as well as lost profit.

It’s a twist that could ensure Keystone remains an aggravation for the administration even if Obama pulls the plug.

“From what we’ve seen in past cases, TransCanada would have a potential NAFTA claim,” said Melinda St. Louis, director of international campaigns for Public Citizen, a nonprofit group that has opposed trade deals like NAFTA and the dispute settlement process specifically.

TransCanada has waited more than six years for permission to build the link from Alberta’s oil fields to U.S. refineries on the Gulf Coast. While Obama hasn’t said how he’ll decide, his criticism of the project’s purported benefits have encouraged environmentalists.