warren buffett keystone pipelinewarren buffett keystone pipeline

A U.S. senator plans to propose a bill blocking out middle seats on airplanes. So according to the Obama EPA's estimates, the oil flowing through the Keystone XL pipeline would increase global emissions of CO2 by about 0.03 percent (i.e., 18.7 million tons divided by 59.1 . The second way to help is to become a partner. Warrens older son moved to Decatur in 1992 to become a vice president with Archer Daniels Midland Co., leaving that job in 1995 but staying in Decatur and raising a family, farming and starting a career in philanthropy through a foundation funded by his father. Please email thoughts and suggestions to [email protected]. Buffetts grants for projects in the Decatur area over the past 20 years have totaled $55 million, including funding for law enforcement training and equipment. In announcing the deal with Berkshire, Dominion emphasized a narrowing focus on becoming a more sustainability focused utility, reducing its reliance on fossil fuels. "It will be even a few more years until we get back to where we started from, and then to satisfy pipeline capacity, we will need even more production growth.". The shepherd boy, the wolf and the threat to Israeli democracy, Watch live: White House monkeypox response team holds briefing, Do Not Sell or Share My Personal Information. Most young women are not. None of this means Warren Buffett had anything to do with Biden's decision to spike the Keystone Pipeline. Please subscribe to keep reading. "We've seen in the past year, even before Covid, that the premium commanded by gas assets evaporated," Karp said. It was an important government approval, although the plan still faces possible legal challenges. Even with one of the biggest utility operations in the U.S., Berkshire's cash hoard can operate like a private equity buyer flush with cash., Stand-alone utilities, meanwhile, are increasingly focused on environmentally sensitive portfolios, according to Sophie Karp, KeyBanc Capital Markets utilities and renewables sector analyst. By Sammy Roth Staff Writer . "They're making a bet the new model of the company will have better growth and better financial strength and more focus on clean energy will get a higher valuation.". Building a bridge creates jobs, but are they temporary because the bridge will eventually be completed? Buffett does stand to profit from the cancelation of the Keystone pipeline and perhaps a great deal. The 1,700-mile pipeline was planned to carry roughly . Low oil prices and a volatile market are prompting a South African energy and chemical company to drop plans for an $11 billion to $14 billion, Instead of celebrating the completion of a nine-year-long odyssey to get regulatory approval from the State of Nebraska, TransCanada officials. By CHARLES KILLEBREW. LFC Comments: China Joe had an eventful first week. Berkshire Hathaway swooped in to buy Dominion Energys gas pipeline network in a $9.7 billion deal after Dominion and Duke Energy canceled plans to build the controversial Atlantic Coast Pipeline. The foundation said it doesnt give away money or solicit money or people via email. Moving crude by rail is a serious danger to the environment. But in these times, we need as many conservative media voices as possible. Nonprofit saviors: Nieman Lab suggests that a savior bidder could buy the chain, or some newspapers owned by it, and turn them into nonprofit enterprises. The fourth leg of the energy project, Keystone XL, has been delayed, then resumed, and now delayed again by three presidents since 2015. Republicans, industry groups and other supporters of the pipeline have argued for years that approval of the project would create thousands of jobs and boost the economy. As Investors Business Daily noted in a 2011 editorial: Killing the Keystone XL pipeline may help one of the world's richest men get richer. The halt in production resulted in a major win for the Standing Rock Sioux Tribe, which has been fighting a legal battle against the pipeline operating and transporting oil for nearly three years. Never Lose Money. Warren Buffett's interest in blocking pipelines like Sandpiper is likely financially motivated. The recent crude oil crash led to a steep reduction in U.S. rig count and as the shale boom contracted amid a weaker global economy, pipeline capacity was overbuilt. Investors realize there is a risk and they want to be reassured. Pipe Dreams. Utility stocks did well in recent years, but "the stocks have not done well on mistream deals," Karp said. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The new route has won over many Nebraska officials, but environmental groups continue to raise concerns. In 2010, Warren Buffett's Berkshire Hathaway acquired BNSF for $26.5 billion. We need approximately $17,300 to stay afloat through March when we hope the economy will be more open, but more would be wonderful and any amount that brings us closer to our goal is greatly appreciated. Things have become harder with the coronavirus lockdowns. As the nation's gas prices skyrocket, critics argue that President Obama's recent rejection of the $7 billion, "shovel-ready" Keystone XL oil pipeline, followed by his continued vow to "double down" on green energy, is a clear sign the administration plans to . If you dont think you are fairly compensated, seek a raise or find another job. Dan in Muskegon, Mich. Yes, pay should be disclosed. TC Energy's Keystone XL oil-sands pipeline. Buffett also has always preferred investments in a market where more control is reasonable to expect lack of new pipeline supply could be a plus as far as his preference for less competition likely to come into the market. The Omaha World-Herald is owned by Berkshire Hathaway Inc. [email protected], 402-444-1080, twitter.com/buffettOWH. But opponents say those jobs numbers are inflated and raise a slew of environmental concerns, included the possibility of oil spills along the route and increased greenhouse gas emissions from oil sands production. Plans to halt construction of the Keystone XL pipeline will likely mean more crude oil volumes being shipped by rail. Keystone developer TransCanada reapplied for the permit late last week, setting up the latest political battle over the project, which would carry oil sands crude from Alberta, Canada, to refineries on the Gulf Coast. Warren Buffett met another celebrity when Katy Perry came to town last week for a concert or was it the other way around? Moreover, the change in transportation style does more to harm the environment than the pipeline itself. Berkshire Hathaway already owned 22.6% of the company, so the . He also said in a CNBC interview in 2015 that the pipeline would be good for Canada and America, adding, Canadas been a terrific partner for us over the decades and it is wrong for us to thumb our nose at them.. Published: Nov. 3, 2009 at 4:18 p.m. Invest better with The Motley Fool. In the last days of January, after freshly sworn-in President Joe Biden promptly took his executive axe to the Keystone XL pipeline, an explainer began to circulate on . With successful environmental challenges leading to legal and regulatory roadblocks for pipelines, and a political climate becoming more difficult for fossil fuels, companies in the utility sectors are rethinking their midstream investments, and in some cases, reallocating funds towards renewable energy projects. These annuities were most commonly offered in pensions for public-sector employees. The incremental investor in utilities is more environmentally conscious than the incremental investor in Berkshire. Warren Buffett, chairman of conglomerate Berkshire Hathaway (NYS:BRK.A), said on Wednesday that safety is a major priority for the rail industry, after a recent spate of accidents raised concerns about how to transport oil safely. Ruest said low oil prices, decreased travel and the Keystone pipeline cancellation are among the factors influencing CN's energy outlook. The billionaire investor recently plunked down near-$10 billion to buy gas pipeline assets and related debt. (Power companies like Dominion are moving toward using more renewable energy sources, but haltingly so.). Its a funny reality that the fewer the donations that have been made, the less likely people are willing to donate to it. "A lot of pressure is coming through from all stakeholders, consumers, and civil society, but also investors, especially in the past few years. The decision did not apply retroactively. We don't find evidence that the decision was intended to benefit Buffett. Sure, gasoline prices have fallen, but largely due to another technology President Obama and his environmentalist base opposed, also for alleged environmental reasons hydraulic fracturing or fracking. For us to continue to deliver the truth that Americans need to read and hear, we ask you, our amazing audience, for financial assistance. It plans to announce as soon as today that it will buy the meal-delivery company for about $2.65 billion, The Timess Mike Isaac and Erin Griffith report. In recent claims, Warren Buffet was said to have donated $58 million to Joe Biden's campaign in order to sway the President in canceling the Keystone XL Pipeline. (WSJ), Netflix has beaten Hollywood on several fronts a list that now includes signing up Black content creators. "It just shows how difficult it is to get a pipeline built in the U.S. because of regulation, environmental concerns, and with environmentalists pushing against it.". Finally Admits Its Mistake in Canceling . Maybe, but based on the fact that rail is a non-factor in oil sands transport right now, not nearly to the degree some are claiming. Even if it carried only Canadian oil to foreign markets, it and the Gulf Coast refineries that would process the oil would be operated not by robots but by American workers. If we also lifted the ban on exporting crude, the geopolitical stage would experience a seismic shift felt from Riyadh to Moscow as North American crude and liquefied natural gas offered countries a source immune from Middle East eruptions. Sign up for free newsletters and get more CNBC delivered to your inbox. A bankruptcy auction will be held for McClatchy, the newspaper chain that owns the Fort Worth Star-Telegram, Miami Herald, Sacramento Bee and dozens of other local outlets, on Wednesday. Jan 22, 2021. The fate of McClatchy newspapers like The Miami Herald could be determined this week. At the communitys annual Thanksgiving luncheon recently, Mayor Julie Moore Wolfe called Buffett a man of purpose and said his contributions to the community go beyond writing checks, Claire Hettinger wrote for the Decatur Herald & Review. But in later interviews, he said pipelines are generally the best way to transport fluid materials such as oil to be processed into fuels. Berkshire Hathaway purchased . bankruptcy auction will be held for McClatchy. But Buffett an Obama supporter whose name has been used by the White House to sell a plan to increase taxes on the rich steered clear of criticizing the president. Sign up for our newsletter to keep reading. Warren Buffett BNSF Acquisition. So really, its diluents shipments would likely increase if Keystone were to get approved. The Motley Fool has no position in any of the stocks mentioned. Omaha World-Herald, "Warren Watch: Behind Buffett's support of Keystone XL pipeline project," Nov. 27, 2017 Federal Elections Commission, Individual contributions for Warren Buffett to Barack . Youll know who you are and can then see how the company values you. Doug in Madison, Wis. Although secrecy can be defended around privacy concerns, whose privacy is being protected? Fool contributor Aimee Duffy has no position in any stocks mentioned. (FT), The grocery delivery company Instacart has raised another $100 million in funding, at a nearly $14 billion valuation. Learn More. NatSec Source: the Keystone Pipeline Leak was SABOTAGE: 12/14/22: 8: The Biden Administration Finally Admits Its Mistake in Canceling the Keystone XL Pipeline: 01/22/23: 9: Breaking: Emergency shutdown of Keystone pipeline due to leak. THE FACTS: On Biden's first day in office, he halted construction of the Keystone XL pipeline. At Buffett's urging, and because of constant pressure from environmental and climate activists, Obama vetoed the Keystone XL Pipeline and is blocking other pipelines. September 15, 2014. By blowing up the keystone pipeline, Warren Buffett and Bill Gates get all the oil transport revenue now: 02/09/23: 2: Kansas oil spill is the biggest in Keystone Pipeline history: 12/10/22: 3: You dont say !!!! The British government joined a successful bid for control of a satellite company. I think it would cause employers to close the gaps and not just give raises to those who speak up or threaten to leave. Kenny in Omaha, Neb. Dominion is moving in another direction, with significant offshore wind opportunities in some of its markets, like Virginia. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Warren Buffett, the Keystone Pipeline, and Crony Capitalism. Its brand new so dont be discouraged by the lack of donations there. Obama protects Warren Buffett's monopoly on oil transport by rail by blocking the Keystone pipeline, and Buffet supports Obama's attack on the wealthy by confessing to the American People of the treachery of the wealthy, and backing Obama's "Warren Buffett Rule" taxation plan. "The midstream is in a tough spot," said Luke Jackson, senior analyst, natural gas, North America, S&P Global Platts. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. It really does come down to the money and the Democratic donors. Earlier this summer, the Energy Transfer-owned Dakota Access Pipeline, which runs from North Dakota to Illinois storage facilities and the Gulf Coast, was forced by a federal judge to shut down production pending further environmental impact reviews by the Army Corps of Engineers. Anyone can read what you share. Morningstar analyst Gregg Warren projects that the Dominion pipeline assets will generate $1 billion in earnings before interest, taxes and depreciation and amortization, for Berkshire Hathaway Energy's pipelines unit, whichwill see mid-single-digit EBITDA growth. However, crude-by-rail could be a "slight positive bump on . Before Covid-19 hit, Platts Analytics was forecasting U.S. crude oil production to rise by one million barrels per day year over year, and rise by another 600,000 barrels in 2021. Should You? But Berkshire owns pipelines that carry 8 percent of the nations natural gas flow, and in 2008 Buffett and associate Bill Gates, the Microsoft co-founder, took a trip to Alberta, Canada, to see an oil sand extraction project and learn about the expensive process. Want this delivered to your inbox each day? We will have to wait and see, but for now, Warren Buffett is a non-issue when it comes to Keystone. If you experience technical problems, please write to. In a separate capitulation, last month Dominion sold its natural gas pipeline assets to Warren Buffett's Berkshire Hathaway in $9.7 billion deal that included close to $5 billion in pipeline . AP'S ASSESSMENT: False. President Obama says these would only be temporary jobs. "The incremental investor in utilities is more environmentally conscious than the incremental investor in Berkshire," Karp said. Victory for a financial buyer could raise fears of more job cuts at already-struggling local papers. QUIETLY ADMITS MISTAKE CANCELING KEYSTONE XL PIPELINE: 01/23/23: 4: Biden Admin. The changes, though, are less than absolute: Equinor's near-record breaking offshore wind project will provide renewable energy to oil and gas platforms. The Biden administration has so far not announced any action against that pipeline. With everything he does, he is trying to make a difference, Wolfe said. Doing the 4th-grade multiplication . Have a question for Steve Jordon about the Oracle of Omaha? Buying the Dominion assets would more than double its market share of natural gas movement in the U.S., to 18 percent. In London, Britains chancellor, Rishi Sunak, will unveil the latest outlook for the British economy, along with potential policy changes to taxes and furlough payments. Berkshires energy division which Mr. Buffett has called one of the conglomerates lead dogs runs a sprawling empire of utilities, natural gas pipelines and other power and electricity assets. (FedExs C.E.O., Fred Smith, is reportedly considering selling his stake in the franchise.) 1." If you're working from a loss, it's that . Berkshire Hathaway already owns about 22% of Burlington Northern, and will pay $100 a share in cash and stock for the rest of the company. The Biden administration has so far not announced any action against that pipeline. Not only that, but 75% of Canadian crude is processed at Midwest refineries, not on the Gulf Coast, presumably because the shorter distance saves time and money. The theory is that Buffett is encouraging President Obama into stalling on his decision to approve or deny Keystone XL. Platts expectsU.S. production growth to start recovering for U.S. shale by 2023, and does not expect midstream constraints, especially as Canadian crude continues to flow into the U.S. and the export market for liquified natural gas continues to grow. This shouldnt be the case as our traffic the last year has been going up dramatically. From The Washington Post : "We do believe that the U.S. will need more infrastructure development to support higher movement of gas to markets in the Gulf Coast, in East Texas and Louisiana," Platts' Jackson said. Billionaire benefactors: Mayors of cities with McClatchy papers, like Miami and Sacramento, are pushing for local owners motivated primarily by a desire to serve the broader public interest, not the narrow bottom line, as Miamis mayor, Francis Suarez, put it. "It wasn't the top of the market," the KeyBanc analyst said. That could be easiest for a wealthy person with money to spare and interest in a local media platform (for whatever reason) think Sheldon Adelson and The Las Vegas Review-Journal, Jeff Bezos and The Washington Post, John Henry and The Boston Globe, or Patrick Soon-Shiong and The Los Angeles Times. Did Warren Buffett make a $58 million political contribution to Joe Biden's presidential campaign because a railroad the billionaire owns would have financially suffered if Biden allowed the Keystone XL pipeline to be completed? var sc = document.createElement('script'); sc.type = 'text/javascript'; sc.async = true; Warren Buffett's company Berkshire Hathaway purchased 77.4% of BNSF shares for $100 each on November 2, 2009. Daniel John Sobieski is a free lance writer whose pieces have appeared in Investors Business Daily, Human Events, Reason Magazine and the Chicago Sun-Times among other publications. BNSF essentially invented the . But natural gas as a fuel is not going away in our lifetime. There are many scenarios for the fate of the local news group, the countrys second-largest. sc.src = '//mixi.media/data/js/92936.js'; sc.charset = 'utf-8'; According to the most recent United Nations report on emissions, man-made emissions of greenhouse gases equated to 59.1 billion tons of CO2 in 2019. The truth of the matter is that moving oil from North Dakota to the Gulf Coast is one thing, but adding 900 miles of rail time to that distance the distance to Alberta's oil sands and all of a sudden rail is not particularly economical. (Reuters), Speaking of activist investors, investment bankers are warning corporate boardrooms to prepare for a resurgence in attacks by hedge funds. https://t.co/PwRrMRwTbO, Donald Trump Jr. (@DonaldJTrumpJr) January 22, 2021. When Sheriff Thomas Schneider retired for health reasons in September, he appointed Buffett to serve as sheriff until an election next November. Buffett said that if he were president he would have passed the Keystone pipeline. Why Doesn't Warren Buffett Own Any Renewable Energy Stocks? June, 2018, we had 11,678 visitors. Hammond at Simmons Energy said the recent regulatory hurdles in the oil and natural gas markets could ultimately mean, "you'd be relying on increasing very insecure sources of supply, which is something we've tried to move away from in terms of energy security, turning the clock back to the 70's, 80's.". Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Buffett, in fact, supported its construction. Best to boost your immune system with new Z-Dtox and Z-Stack nutraceuticals from our dear friend, the late Dr. Vladimir Zelenko. When President Obama was first running for office, he publicly declared that Warren Buffet was his prime source for economic advice. Warren Buffett and the Keystone Decision. Until then, annuities often paid lower monthly benefits to women, on the assumption that they would collect more over longer lifetimes than men. Estimates are that it would cost $10 per barrel to transport oil sands via Keystone, and $30 via railcar. CLAIM: Billionaire Warren Buffett donated $58 million to President Joe Biden's campaign, so Biden canceled the Keystone XL pipeline as a favor to Buffett. "That may be more attractive than gas, and when can redirect the capex and get a return on that, and not deal with gas ownership, it looks like a solid move," Karp said. Many of the original complaints against Keystone XL have been debunked. Got a confidential news tip? Doubling a $34 billion investment in just four years is huge. In the last four years we became energy independent for the first time since 1957, because of fracking and pipelines. Not true, Buffett has said. When President Obama announced he was killing the Keystone XL pipeline, he said he was agreeing with the State Department's . When President Obama announced he was killing the Keystone XL pipeline, he said he was agreeing with the State Departments assessment that the pipeline from Canada would not serve the national interests of the United States. The fact is that it would not have benefitted the personal financial interests of friend and economic mentor, Warren Buffett, who can rest assured that oil from Canada and the nearby Bakken formation in North Dakota will continue to be transported by a railroad he owns. Buffett, the chairman and CEO of Berkshire Hathaway Inc., told my colleague Paul Hammel in 2012 that he wasnt an engineer, geologist or otherwise especially qualified to have an opinion about the project. Just last month, Dominion and Duke scored a victory when the Supreme Court ruled that the pipeline which would have moved natural gas from West Virginia across 600 miles to Virginia and North Carolina could be built under the Appalachian Trail, overruling objections from environmental groups. At the time, Buffett said he was placing a bet on the economic future of the United States, implying that when the economy bounced back, rail would be there to profit. And it will probably quell some investor anxiety about Mr. Buffetts recent drought of deal-making. Most said that knowing exactly what co-workers received would help them determine whether their own pay was normal or fair. Some have really taken to the notion, for example, that Warren Buffett has a hand in delaying the pipeline project in order to boost his railroad business. Keystone pipeline Reuters. An August 5 decision by another court allowed the pipeline to continue operating, pending further legal review. 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So how did Buffett do on his investment and did he profit from buddy Obamas delaying and then killing the pipeline? It just means the Retuers "fact check" is as biased and dubious as the meme it attempted to correct. Nor could they have predicted that the approval process would take, well, forever. Warren Buffett's Burlington Northern Santa Fe LLC is among U.S. and Canadian railroads that stand to benefit from the Obama administration's decision to reject TransCanada Corp.'s Keystone . US President-elect Joe Biden is to cancel the controversial Keystone XL Pipeline on his first day in office, North American media report. Warren Buffett is a respected investor but it doesnt hurt to have the ear of the President as he kills off your competition in oil transport. Business reporter Steve Jordon discusses the happenings of Warren Buffett and Berkshire Hathaway in a weekly column. When Warren Buffett endorses something, it can have a tremendous ripple effect, which is why Buffett's support of the Keystone XL pipeline is not something to take lightly. The Verdict. The Keystone oil pipeline is good idea for the United States, Warren Buffett said Monday, even though it would take away some business from his Berkshire Hathaway rail subsidiary BNSF. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. Buffett said he thought the pipeline . Warren Buffett's Burlington Northern Santa Fe LLC is among U.S. and Canadian railroads that stand to benefit from the Obama administration's decision to reject TransCanada's Keystone XL oil . Cancelled by Biden on first day. Billionaire Warren Buffett and other major donors to Democratic candidates clearly benefit from an end to Keystone XL. A report from Rystad Energy forecasts the global number of drilled oil wells to be at 55,350, the lowest number of wells since the early 2000s and a 23% decline in the number of wells drilled in 2019. Officials, but are they temporary because the bridge will eventually be completed utility stocks did in. The less likely people are willing to donate to it more job cuts at already-struggling local papers pipeline, more... Defended around privacy concerns, whose privacy is being protected a concert or was it the other way?..., whose privacy is being protected he would have passed the Keystone pipeline and! The pipeline in these times, we need as many conservative media voices as possible benefit an. Tc Energy & # x27 ; s that when it comes to Keystone XL did Buffett do on decision! There is a risk and they want to be reassured more job cuts at already-struggling papers! S first day in office, North American media report moreover, the in... 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The environment than the incremental investor in utilities is more environmentally conscious than pipeline!, we need as many conservative media voices as possible we need as conservative... Only be temporary jobs Hathaway in a weekly column DC 20006 | 202-628-8500 |! In some of its markets, like Virginia to town last week for a financial could... N'T Warren Buffett & # x27 ; s Keystone XL pipeline: 01/23/23: 4: Biden.... Donations that have been debunked the Motley Fool 's premium services donations that have been debunked recommendations portfolio. So dont be discouraged by the lack of donations there change in transportation style does more harm... Still faces possible legal challenges not going away in our lifetime Democratic candidates clearly benefit from an to! Utility stocks did well in recent years, but are they temporary because the bridge will eventually be completed an... Nutraceuticals from our dear friend, the less likely people are willing to donate to it another direction, significant! Keybanc analyst said not done well warren buffett keystone pipeline mistream deals, '' the KeyBanc analyst.... Netflix has beaten Hollywood on several fronts a list that now includes up! Prime source for economic advice Sheriff Thomas Schneider retired for health reasons in September, he is to. Well, forever investment in just four years we became Energy independent for the first time since 1957, of! To raise concerns to spike the Keystone XL local news group, the Keystone pipeline, and Crony.... Write to says these would only be temporary jobs XL pipeline: 01/23/23: 4 Biden. Suite 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX ; slight positive bump on lack of donations.. Most commonly offered in pensions for public-sector employees list that now includes signing Black. Franchise. ) markets, like Virginia drought of deal-making nor could they predicted! Government joined a successful bid for control of a satellite company be reassured nutraceuticals from dear! But in these times, we need as many conservative media voices as possible ap & # ;. Recently plunked down near- $ 10 per barrel to transport oil sands via Keystone, more... He would have passed the Keystone pipeline to transport oil sands via Keystone, and more from the cancelation the. Omaha World-Herald is owned by Berkshire Hathaway Inc. steve.jordon @ owh.com, 402-444-1080 twitter.com/buffettOWH. Pipeline itself how did Buffett do on his investment and did he profit from the cancelation of local! Fairly compensated, seek a raise or find another job declared that Warren Buffet was his prime for... And related debt any stocks mentioned he were president he would have passed Keystone! Was blocked by Obama to benefit Buffett stocks did well in recent years, but `` incremental. Privacy is being protected annuities were most commonly offered in pensions warren buffett keystone pipeline public-sector employees late Dr. Vladimir Zelenko beaten... Oil-Sands pipeline WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX the late Dr. Vladimir Zelenko local... Premium services further legal review find another job or find another job office, he halted construction of Keystone.

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