By EDWARD WELSCH
TransCanada Corp.'s schedule for the controversial Keystone
XL oil pipeline slipped further Tuesday, as the Calgary
pipeline company said it now expects a start-up date in early
2015 rather than its previous expectation of 2014.
Earlier this year, the Obama Administration refused to grant
the line a permit to cross the US border, though the White
House invited TransCanada to apply again.
executives say they still expect the line - envisioned to
transport crude from Alberta to the US Gulf Coast - to be
On Monday, TransCanada spokesman Shawn Howard said the delay
into 2015 is partly because the company is "still waiting for
some answers" from the US government about the process to
refile its application.
The company needs to know how much material it will be allowed
to refile from the previous application that was rejected by
the Obama Administration early this year, Howard said.
TransCanada is also continuing to gather information about a
planned 100-mile re-route around an environmentally sensitive
area in Nebraska, he said.
Late last year, the Obama Administration postponed a decision
on the line until early 2013.
US Republicans then passed legislation forcing the State
Department to make a decision on the line by the end of
The White House, saying that deadline didn't give it enough
time to review the project, rejected it, but invited
TransCanada to reapply.
Despite the setback, TransCanada believes it will be successful
with its second application for the $7.6 billion, 1,700-mile project that would send up to
830,000 bpd from Canada and the western US to refineries on the
Earlier Tuesday, TransCanada posted C$422 million in earnings
in its fourth quarter, a 33% increase from a year earlier. It
also boosted its dividend by 5%.
TransCanada shares were recently up 1.7% to C$42.20 on the
Toronto Stock Exchange.
Dow Jones Newswires