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Donald Trump’s administration issues permit to TransCanada to build the Keystone XL pipeline
Donald Trump’s administration has issued a permit to energy company TransCanada Corp (TSX:TRP) to build the Keystone XL pipeline.
The US State Department said it had found the project, which was blocked by former US president Barack Obama, to be in the US national interest.
The 1,180 mile (1,900 km) pipeline will carry tar sands oil from Canada to refineries on the Texas coast.
The permit was signed by an undersecretary of state for political affairs, career diplomat Tom Shannon.
President Trump, who in January signed an executive order backing the project, is himself due to make an announcement.
In denying the project in 2015, former secretary of state John Kerry wrote that it would neither spur economic growth, nor help the US achieve energy independence.
Nebraska needed …
TransCanada still needs approval of the US$8bn (£6.4bn) pipeline’s route through the US state of Nebraska.
An evaluation by the US state department was required, because the pipeline crosses an international border.
Calgary-based company, TransCanada called Friday’s decision “a significant milestone”.
Chief executive Russ Girling said: “We greatly appreciate President Trump’s Administration for reviewing and approving this important initiative and we look forward to working with them as we continue to invest in and strengthen North America’s energy infrastructure.”
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/175371/donald-trumps-administration-issues-permit-to-transcanada-to-build-the-keystone-xl-pipeline-175371.html
