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TransCanada to re-apply for a Keystone XL permit, striving to maintain construction schedule

TransCanada Corporation, saying it was “disappointed” by the decision on Wednesday to deny the Presidential Permit for Keystone XL (<# some text #>, also said it remains fully committed to the construction of the pipeline.

Plans are already underway on a number of fronts to largely maintain the construction schedule of the project. We will re-apply for a Presidential Permit and expect a new application would be processed in an expedited manner to allow for an in-service date of late 2014.

—Russ Girling, TransCanada’s president and CEO

TransCanada expects that consideration of a renewed application will make use of the record compiled over the past three plus years.

TransCanada said it will continue to work collaboratively with Nebraska’s Department of Environmental Quality on determining the safest route for Keystone XL that avoids the Sandhills. This process is expected to be complete in September or October of this year.

Girling said TransCanada continues to believe in Keystone XL due to the support the project has received from American and Canadian producers and US refiners who signed 17- to 18-year contracts to ship more than 600,000 barrels of oil per day.

On the New York Stock Exchange, TransCanada shares dropped briefly on Wednesday after the news of the denied permit to below $40/share from their opening of $41.70, but recovered to close the day at $41.41, down 0.79%.

Canada Government reaction. Separately, Joe Oliver, Canada’s Minister of Natural Resources issued a statement on the Keystone XL Pipeline decision in the US.

...it is clear that the process is not yet over and we are hopeful that this project will be approved in the future based on its merits. Canada and the United States enjoy the single most important energy relationship in the world. We will continue to work with the US to further strengthen energy security for both our nations.

Meanwhile, our Government is moving ahead on creating jobs and economic prosperity for all Canadians. The responsible development of the enormous resources provided by our oil sands is expected to create hundreds of thousands of jobs spread across the country, generating significant economic benefits. We cannot understate the fact that these benefits fund critical services for Canadians, including health care and education.

Ninety-nine percent of our oil exports currently flow to the United States. [The] decision by the Obama Administration underlines the importance of diversifying and expanding our markets, including the growing Asian market, to help ensure the financial security of Canadians and families for decades to come.

—Minister Oliver

Comments

SJC

It looks like Canada's west coast will not allow pipelines nor refineries, so this company wants to bisect the U.S. with a pipeline and bring the toxic goo to the Gulf to be refined, leaving the pollution here and shipping the final product off to the rest of the world.

Do not encourage the production of tar sands and do not build this pipeline in the U.S. If Canada wants to let them mine tar sands then build the refineries in Canada and ship refined product to the rest of the world. Do not dump your pollution on others.

HarveyD

Trans-Canada pipeline should change direction and start to build (with others) the large diameter Trans-Mountain pipeline + a new Pacific Ocean deep sea port to develop oil exports to Asia and Americas' west coast, by 2016/2017.

Meanwhile, current USA shipment (about 2.7 M/barrel a day) could be maintained and increased with minor existing pipeline enhancements.

ejj

Fort McMurray is the epicenter of tar sand land right? So they could build pipelines to the northwest and follow the Northwest Territory/Alberta boundary & Yukon Territory/BC boundary (staying just inside the Northwest Territory & Yukon Territory), never having to go into BC at all...then connect into the established Valdez, Alaska system. I think the Alaskans would love to have the jobs & port activity.

SJC

That sounds like a good idea ejj, but it is easier to influence Republican politicians for now. They can talk about "staying on schedule" as if it is a done deal. Well the fix may be in, but not for long.

ExDemo

I really grow weary of Leftist Party Line Science. I am offended when these politically correct non scientists justify their Party line, as Science. They compound the problem and criticize anyone, including this Scientist as being anti-Science for criticizing this political tripe.

We have had Trofim Lysenko's genetics; James Hansen's phony CAGW; Dr Woo Suk's fraudulent embryonic Stem Cell Research; Rachel Carlsen's critique of disease carrying insect control; various scares of trace amounts of ALAR, Mercury, Lead, along with the "organic foods" overemphasis and general anti-technology nonsense et cetera.

Now we have the anti-technology of fossil fuel extraction by fracking.

If these Party line phonies don't like the World, Please do us all a favor. Please adopt and exercise their existential hero paul Sarte and his Leftist solution.

Commit Suicide. Thus ceasing condemning to poverty and killing vast numbers of innocent poor people.

SJC

Ex, I do not think you will find many that agree with you. Most are just saying consider all the relevant factors before taking major action. Some may be wrong in their assessments, but the are willing to admit that. This is the rational and logical process we should be following, not blasting in without regard to consequences and then walking away later on.

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