November 6, 2015 / 4:33 PM / 2 years ago

BUZZ-TransCanada Corp: Obama administration to reject Keystone pipeline

1 Min Read

** TransCanada shares fall 5.2 pct to C$42.91; U.S.-listed shares down 6.2 percent at $32.24

** Obama administration will reject the pipeline company's Keystone XL pipeline, a source familiar with the matter tells Reuters

** President Barack Obama expected to make public statement around 11:45 a.m. ET

** Canada's new Liberal government said on Thursday it supports the pipeline but does not want the project, which is opposed by environmentalists, to spoil relations with the United States

** Washington has spent more than seven years deciding whether to approve the northern leg of the $8 bln pipeline, which would take oil from Alberta's tar sands to U.S. refineries

** TransCanada first sought the required presidential permit for the cross-border section in 2008 (Reuters Messaging: shubhankar.c.thomsonreuters.com@reuters.net)

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