U.S. grants permit for Keystone XL

October 2012, Vol. 67 No. 10

In the latest installment of the Keystone XL pipeline saga, TransCanada received a go-ahead for the Gulf Coast section of its project.

The Canadian company, which wants to build an oil pipeline stretching from the tar sands of Alberta to Texas refineries, will begin construction of the 485-mile Texas-Oklahoma segment in the following weeks.

TransCanada recently received the final of three required permits it needed from the U.S. Army Corps of Engineers to begin construction of the southern leg of the Keystone XL pipeline, now known as the Gulf Coast Project.

The company estimated the value of the pipeline at $2.3 billion and according to TransCanada’s President and Chief Executive Officer Russ Girling, as many as 4,000 jobs are expected to be created by the project.