Roughly 48 hours after President Donald Trump signed an executive order inviting TransCanada Corp. (NYSE: TRP) to re-submit an application for the Keystone XL Pipeline, the company said Jan. 26 the paperwork has been filed with the U.S. Department of State.
Trump’s Jan. 24 order offered TransCanada an “invitation to submit an application” for the pipeline and a streamlined, expedited review.
“This privately funded infrastructure project will help meet America’s growing energy needs as well as create tens of thousands of well-paying jobs and generate substantial economic benefit throughout the U.S. and Canada,” said Russ Girling, TransCanada's president and CEO.
The 1,179-mile pipeline application was a contentious, drawn-out process under former President Barack Obama, who finally rejected the pipeline in November 2015, about six years after receiving the application.
The order directs the secretary of state to reach a final decision within 60 days of TransCanada’s submission of the permit application. Trump also ordered the State Department to use the Keystone’s 2014 environmental assessment for its review.
Trump told reporters after signing the order that “we are going to renegotiate some of the terms” of the Keystone XL project. “And if they like, we will see if we can get that pipeline built—a lot of jobs—28,000 jobs, great construction jobs.”
TransCanada said enhanced standards and advanced technology will help ensure that Keystone XL will be built and operated to meet safety requirements.
Independent forecasts by the State Department estimate the line will support tens of thousands of direct and indirect jobs and contribute roughly $3.4 billion to U.S. GDP, TransCanada said.
Darren Barbee can be reached at firstname.lastname@example.org.
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