By Timothy Cama, The Hill
July 28, 2017
The company that obtained a permit to build the controversial Keystone XL oil pipeline might decide not to build it. A TransCanada Corp. executive told investors Friday that it is still assessing interest in Keystone among the oil companies that would pay to use the Canada-to-Texas line, as well as seeking remaining regulatory approvals, and it will likely decide in November or December whether to build.
The disclosure means that one of President Trump’s signature energy policy promises — to approve Keystone and get it built — may fall victim to commercial pressures and not get done.
Trump approved Keystone’s permit to cross the border with Canada in March. It ended a significant chapter in the decadelong saga, ending years of delay under former President Barack Obama — and a rejection of the permit in late 2015 — that the oil industry and Republicans frequently criticized.
But Paul Miller, president of TransCanada’s liquid pipelines business, told investors in a quarterly earnings call that Keystone XL is far from certain.
He said the Canadian company is launching an “open season” to actively seek out contracts for the $7 billion pipeline with a capacity of 830,000 barrels, through September. The company also needs approval from Nebraska for its route through that state.