November 20, 2017 / 5:21 PM / 2 years ago

BUZZ-Transcanada Corp: Rises on approval for Kingstone XL pipeline route

** Pipeline operator’s shares up 1.74 pct at $63.63 after Nebraska commission approves the company’s Kingstone XL pipeline to pass through the state

** Kingstone XL is Co’s 1,179-mile oil pipeline project linking Canada’s oil sands to U.S refineries

** The approval by Nebraska Public Service Commision cleared the last big regulatory obstacle for the long-delayed project

** In November 2015, the Obama administration had rejected the proposed pipeline in favor of the environmentalists who opposed the project

** Stock up on a day when a drop in oil prices is weighing on energy stocks. The S&P/TSE Canadian energy index was off 1.3 pct

** Oil prices slipped as traders stayed cautious ahead of an OPEC meeting next week, where an extension of current price-supporting curbs on crude output are due to be discussed

** Up to Friday’s close, stock had risen 3.3 pct YTD compared with a 13 pct decline in the S&P/TSE Canadian energy index (Reporting by Akshara P in Bengaluru)

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