26 July 2013 14:40 [Source: ICIS news]
TORONTO (ICIS)--TransCanada now expects its controversial Keystone XL oil pipeline project to be in service about two years after getting final US approval, the Canadian energy infrastructure major said in an update on Friday.
US President Barack Obama is expected to make a final decision by the end of the year on whether to approve the long-delayed 830,000 bbl/day Keystone XL pipeline, which would enable supplies of Canadian oil to reach refineries on the US Gulf Coast.
TransCanada added that its current $5.3bn (€4.0bn) cost estimate for the project will increase, depending on the timing of the US approval. As of 30 June, the company had invested $1.9bn in the project, it said.
($1 = €0.75)
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