TransCanada Gets Presidential Permit To Build The Keystone Oil Pipeline, Ends Bankruptcy Claim

By Tomi Kilgore Markets MarketWatch Pulse

TransCanada Corp. said Friday it has received a Presidential Permit from the U.S. Department of State to construct the Keystone XL Pipeline. As a result, TransCanada said it will discontinue its bankruptcy claim and end its constitutional challenge. The company said it will continue to engage stakeholders throughout Nebraska, Montana and South Dakota to obtain permits and approvals so it can begin construction. "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," said TransCanada Chief Executive Russ Girling. Earlier this month, U.S. Secretary of State Rex Tillerson had recused himself from dealings with the controversial Keystone pipeline, as Tillerson was CEO of Exxon Mobil Corp. , which would benefit from the pipeline being built. The project was rejected by former President Barack Obama in 2015. TransCanada's U.S.-listed shares, which were still inactive in premarket trade, have gained 0.8% over the past three months, while the S&P 500 has advanced 3.6%.

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