JUNEAU, Alaska (AP) — A company is dropping its bid to build a major natural gas pipeline in Alaska, saying it didn't get the agreements necessary to justify continuing.
Denali-The Alaska Gas Pipeline made the announcement Tuesday.
For months, Denali has been seeking to secure shipping agreements necessary to move the project forward. But the company said it didn't receive the commitments necessary to continue work and was cutting its losses.
In a statement, Denali President Bud Fackrell said the company could not spend the billions of dollars necessary to advance the project without binding agreements with shippers.
Denali is a joint venture of BP and ConocoPhillips. It had been competing with TransCanada Corp. to build a major line to carry gas from Alaska's North Slope to market.
TransCanada has said its work continues.