TransCanada to do 'whatever is necessary' for Keystone pipeline

TransCanada Corp. said Saturday that it will work with the US State Department to do "whatever is necessary" to help in securing the construction of its Keystone XL pipeline.

In a statement, the company said that it "acknowledges and respects the discussion that has occurred in Washington in recent weeks as members of Congress have thoughtfully debated the role Keystone XL will play in meeting U.S. energy independence needs and creating jobs, all with a long-term respect for the environment."

On Saturday, the US Senate voted to approve a spending bill and an extension of a payroll-tax cut. It also included a provision requiring President Barack Obama to decide within 60 days whether to move forward with TransCanada's Keystone XL crude-oil pipeline.

Democrats cautioned the accelerated decision didn't mean the expanded pipeline, which would travel from Canada to Texas, would be built. Still, Senate Republicans cheered its inclusion in the bill.

TransCanada said Saturday's vote in the Senate "would have some bearing on the ultimate timeline for a decision on approval of the project. TransCanada will work with the Department of State to do whatever is necessary if the bill is ultimately passed and the 60-day timeframe, as outlined in the legislation, comes into effect."

"We look forward to learning in the coming days how this latest development will affect the ultimate approval process for our project," said TransCanada CEO Russ Girling.

According to TransCanada, "Keystone XL has the capacity to deliver 830,000 barrels of oil per day to US refineries in Cushing, Oklahoma and the Gulf of Mexico. Up to 25% of that capacity has been provided for the delivery of U.S. domestic oil from the Bakken fields in Montana and North Dakota and oil from Cushing.

“Long-term, binding contracts for more than 150,000 barrels per day from the Bakken fields and Cushing have already been signed."

The 1,600-mile-long pipeline would run through seven states, the company noted.

Dow Jones Newswires

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