The United States has issued a presidential permit for TransCanada Corp’s Keystone XL oil pipeline, the Canadian company said on Friday, ending a years-long battle between environmentalists and the industry over whether Washington should approve it.
U.S. President Donald Trump will announce the permit alongside TransCanada Chief Executive Officer Russell Girling at the White House later Friday, according to a senior administration official. White House spokesman Sean Spicer said a Keystone XL announcement would come at 10:15 a.m. EDT.
TransCanada’s U.S.-listed shares jumped 3.7 percent to $49.50 in premarket trading.
The pipeline linking Canadian oil sands to U.S. refiners had been blocked for years by former President Barack Obama, who said it would do nothing to reduce fuel prices for U.S. motorists and contribute to emissions linked to global warming. Environmental groups have forcefully opposed the pipeline.
