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TransCanada CEO Russ Girling. Image courtesy of TransCanada/Youtube.

TransCanada is formally seeking $15 billion in damages tied to the rejection of the Keystone XL pipeline.

According to legal documents seen by Reuters, the Calgary-based company has failed to reach a settlement with the U.S. government after filing a notice for an arbitration claim in January.

President Barack Obama rejected the project in November following a seven-year long review, saying that the pipeline would not “serve the national interest.”

TransCanada said in documents seen by Reuters on Friday that it has filed a formal arbitration request under North American Free Trade Agreement (NAFTA) provisions to recover damages and costs associated with the project.

According to Reuters, the company is seeking $15 billion in costs damages.

TransCanada said in January that it had filed a notice of intent to initiate a claim under Chapter 11 of NAFTA in response to the denial of a presidential permit for the pipeline.

The company claims that the denial was “arbitrary and unjustified.”

The project was rejected despite a 2014 U.S. State Department assessment that determined the 830,000 barrel per day pipeline would have a limited environmental impact.

“The NAFTA claim asserts that TransCanada had every reason to expect its application would be granted as the application met the same criteria the U.S. State Department applied when approving applications to construct other similar cross-border pipelines – including the existing Keystone pipeline,” TransCanda said in January.

TransCanada also filed a lawsuit in the U.S. Federal Court in Houston earlier this year, claiming that by rejecting the project President Obama “exceeded his power under the U.S. Constitution.”