Kerry hints at Keystone decision #kxl
29 Oct 2014
JEREMY VAN LOON
Kerry hints at Keystone decision
A decision on TransCanada Corp.’ s long- delayed Keystone XL pipeline may come soon, U. S. Secretary of State John Kerry said Tuesday.
“I certainly want to do it sooner rather than later, but I can’t tell you a precise date,” Kerry said in Ottawa during a news conference with Foreign Minister John Baird.
TransCanada first proposed the $ 5.4- billion conduit in 2008 before being stymied by opposition from Nebraskan farmers and U. S. environmental groups. The State Department and President Barack Obama, who has the ultimate authority to approve the pipeline because it crosses an international border, have delayed a decision.
“There is a process underway within the department, which requires me ultimately to make a decision, and we will pursue our due diligence with respect to that and it will happen when it is appropriate for that to happen because the due diligence has been done, and I’m prepared to do that,” Kerry said.
Producers are counting on pipelines including Keystone XL to ease a transportation bottleneck that has suppressed the price of Canada’s heavy crude and cost the economy as much as $ 50 million a day, according to the Canadian Chamber of Commerce.
Canada’s oilsands output will more than double to 4.8 million barrels a day by 2030 provided new export conduits are built, according to a June report from the Canadian Association of Petroleum Producers.
TransCanada rose 1.8 per cent to $ 55.30 in Toronto. The shares have gained 14 per cent this year.