January 18, 2012 / 5:03 PM / in 6 years

TransCanada shares slump on Keystone reports

CALGARY, Alberta (Reuters) - TransCanada Corp TRP.TO shares slumped on Wednesday after reports that Washington was set to reject the company’s controversial Keystone XL pipeline to Texas from Alberta.

According to sources, the U.S. State department could announce later on Wednesday that it will not approve the $7 billion project, which would carry 830,000 barrels a day of oil sands-derived crude to Texas refineries.

TransCanada shares were down 4.4 percent at C$40.50 by midday on the Toronto Stock Exchange.

A TransCanada official said the company had no comment until it had official word from the U.S. government.

($1=$1.01 Canadian)

Reporting by Jeffrey Jones; editing by Rob Wilson

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