TransCanada applies for permit to build Keystone XL pipeline

TransCanada Submits Permit Application to US State Dept. for Keystone Approval

(TSX:TRP) has submitted a new presidential permit application to the U.S. Department of State for approval of the Keystone XL pipeline.

"This privately funded infrastructure project will help meet America's growing energy needs as well as create tens of thousands of well-paying jobs", TransCanada CEO Russ Girling said in a statement.

TransCanada Corp. resubmitted the application two days after President Trump signed a presidential memorandum formally asking the company to reapply and directing the State Department to decide within 60 days whether the permit should be issued. "This wasn't in our planning horizon in the middle of past year, so we've only just re-engaged with our shippers again".

The project would connect pipelines in Alberta with refineries along the U.S. Gulf Coast.

The order also encouraged USA regulatory agencies to decide on the application within 60 days, meaning TransCanada could know by the end of March the fate of the pipeline it has been trying to build since 2008. Keystone XL was first envisioned in 2008, a time when crude oil prices topped $100 (U.S.) a barrel, and before Canadian oil producers faced intense competition from US shale. -Canada border. Under a 1994 executive order, the State Department is charged with determining whether the project is in the U.S.'s "national interest", and the president makes the final decision on the permit.

Canadian industry analysts viewed the revived application as the opening move on unpredictable negotiations with the new Trump administration.

Greenpeace campaigner Keith Stewart predicted the alliance of indigenous opponents, ranchers and environmentalists who successfully fought the pipeline previously would be joined by people horrified by Trump's agenda to fight it again.

Girling emphasized the Keystone XL pipeline would improve U.S. energy security and serve as an important new piece of the country's modern infrastructure.

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