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Released March 24, 2017 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--The U.S. Department of State has signed and issued a presidential permit to construct the Keystone XL crude oil pipeline, TransCanada Corporation (NYSE:TRP) (Calgary, Canada) said Friday.
"Today we begin to make things right and to do things right," President Donald Trump told reporters Friday, adding that the project would help lower energy costs in the U.S. He said the pipeline is the first of many major infrastructure projects that will move forward under his administration.
"This is a significant milestone for the Keystone XL project," said Russ Girling, TransCanada's chief executive officer. "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."
TransCanada said it will continue to engage key stakeholders and neighbors in Nebraska, Montana and South Dakota to obtain the necessary permits and approvals to advance this project to construction. Girling indicated it could take months before pipeline construction could finally begin, but also said it would result in thousands of new jobs.
The $8 billion Keystone XL pipeline project had been stalled since late 2015 when then-President Barack Obama denied it a presidential permit. The project, delayed for years by permitting disputes and lengthy environmental assessments, is designed to transport about 830,000 barrels per day (BBL/d) of oil-sands crude oil about 1,179 miles, from Hardesty, Alberta, to Steele City, Nebraska, where it would intersect with other pipelines that could bring that crude to refineries in Patoka, Illinois, or the Texas Gulf Coast.
Trump issued a presidential memorandum in January inviting TransCanada to resubmit its application for a presidential permit and instructing the U.S. Department of State to "take all actions necessary and appropriate to facilitate its expeditious review." The secretary of state was instructed to reach a final permitting decision within 60 days after resubmission as to whether the project was in the national interest. For related information, see January 31, 2017, article - Trump Orders Benefit KXL, DAPL and Other 'High Priority' Infrastructure Projects.
TransCanada said Friday it has discontinued its court challenge of the Obama administration's actions.
Industrial Info is tracking nearly $35 billion in active TransCanada projects. For more information, see February 20, 2017, article - TransCanada at Work on a Lot More Projects than just Keystone XL.
American Petroleum Institute (API) President and Chief Executive Officer Jack Gerard lauded the State Department's approval of the project, saying, "This critical infrastructure project has been studied longer than any pipeline project in U.S. history with exhaustive reviews by the State Department concluding that the project is safe for the environment and the best option for transporting domestic crude and Canadian oil to U.S. refineries.
"Approval of this project is an important step to recognizing the benefits that come from U.S. energy infrastructure. According to a recent study, private investment in our nation's energy infrastructure is a $1 trillion proposition that could create over one million new jobs for America's safest, most highly trained and productive workers. Moving forward, we strongly urge the individual states, which stand to benefit from the Keystone XL pipeline, to approve this important project."
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Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
"Today we begin to make things right and to do things right," President Donald Trump told reporters Friday, adding that the project would help lower energy costs in the U.S. He said the pipeline is the first of many major infrastructure projects that will move forward under his administration.
"This is a significant milestone for the Keystone XL project," said Russ Girling, TransCanada's chief executive officer. "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."
TransCanada said it will continue to engage key stakeholders and neighbors in Nebraska, Montana and South Dakota to obtain the necessary permits and approvals to advance this project to construction. Girling indicated it could take months before pipeline construction could finally begin, but also said it would result in thousands of new jobs.
The $8 billion Keystone XL pipeline project had been stalled since late 2015 when then-President Barack Obama denied it a presidential permit. The project, delayed for years by permitting disputes and lengthy environmental assessments, is designed to transport about 830,000 barrels per day (BBL/d) of oil-sands crude oil about 1,179 miles, from Hardesty, Alberta, to Steele City, Nebraska, where it would intersect with other pipelines that could bring that crude to refineries in Patoka, Illinois, or the Texas Gulf Coast.
Trump issued a presidential memorandum in January inviting TransCanada to resubmit its application for a presidential permit and instructing the U.S. Department of State to "take all actions necessary and appropriate to facilitate its expeditious review." The secretary of state was instructed to reach a final permitting decision within 60 days after resubmission as to whether the project was in the national interest. For related information, see January 31, 2017, article - Trump Orders Benefit KXL, DAPL and Other 'High Priority' Infrastructure Projects.
TransCanada said Friday it has discontinued its court challenge of the Obama administration's actions.
Industrial Info is tracking nearly $35 billion in active TransCanada projects. For more information, see February 20, 2017, article - TransCanada at Work on a Lot More Projects than just Keystone XL.
American Petroleum Institute (API) President and Chief Executive Officer Jack Gerard lauded the State Department's approval of the project, saying, "This critical infrastructure project has been studied longer than any pipeline project in U.S. history with exhaustive reviews by the State Department concluding that the project is safe for the environment and the best option for transporting domestic crude and Canadian oil to U.S. refineries.
"Approval of this project is an important step to recognizing the benefits that come from U.S. energy infrastructure. According to a recent study, private investment in our nation's energy infrastructure is a $1 trillion proposition that could create over one million new jobs for America's safest, most highly trained and productive workers. Moving forward, we strongly urge the individual states, which stand to benefit from the Keystone XL pipeline, to approve this important project."
For constantly updated market news, please subscribe to the IIR blog.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
