TransCanada expecting favorable review of Keystone XL project

Fri Jan 31, 2014 1:51pm EST
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By Scott Haggett

CALGARY, Alberta Jan 31 (Reuters) - TransCanada Corp is anticipating a favorable review of the Keystone XL pipeline when the U.S. State Department issues its final environmental impact statement on the controversial project, a move expected as soon as Friday.

Reuters reported late on Thursday that the State Department was poised to release the Final Environmental Impact Statement for the line. The release will be followed by a 90-day public comment period but a final decision on the line from U.S. President Barack Obama is not expected for months.

James Millar, a spokesman for the company, said TransCanada expects the review's conclusions to be similar to earlier drafts, which found that the environmental impact of the $5.4 billion project would be manageable.

"Fifteen thousand pages of scientific and technical study published in four environmental analysis reports since 2010 have all concluded this project would have minimal impact on the environment," Millar said in an email. "We don't see how the final report would come to a different conclusion."

The Keystone XL line would carry as much as 830,000 barrels of crude per day from Hardisty, Alberta, to Steele City, Nebraska, where it would meet the project's already complete southern leg to take the crude to the refining hub on the Texas Gulf coast.

TransCanada shares were up more than 1 percent at C$48.53 by early afternoon on the Toronto Stock Exchange.