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ENERGY: TransCanada Corp says US government approves Keystone oil pipeline project
        (AlbertaIndex, March 19, Wednesday) --- Calgary-based TransCanada Corporation said the US Department of State has issued a Presidential Permit authorizing the construction, maintenance and operation of facilities at the United States and Canada border to transport crude oil between the two countries.
        The permit was issued to TransCanada and its partners for the construction of the 3,456-km Keystone pipeline delivering 590,000 barrels per day of crude oil from Hardisty in Alberta to US Midwest markets at Wood River and Patoka, Illinois, and to Cushing, Oklahoma.

Deliveries to Patoka are expected to begin in late 2009. Keystone has secured firm long term contracts of 495,000 barrels per day with an average duration of 18 years.

Subsidiaries of TransCanada and ConocoPhillips will jointly own the Keystone Pipeline which include TransCanada Keystone Pipeline, LP (US) and TransCanada Keystone Pipeline Limited Partnership (Canada).

TransCanada said the permit follows the Department of State’s Record of Decision and National Interest Determination, which found that issuance of the Presidential Permit for the Keystone Pipeline would serve the national interest.

“The Presidential Permit is a significant regulatory approval required to proceed with construction of the Keystone Pipeline, which will move a growing supply of Canadian crude oil to key US markets,” said Hal Kvisle, TransCanada president and CEO. “We will begin construction in second quarter 2008 to achieve an in-service date of fourth quarter 2009.”

Keystone received National Energy Board approval last year for two major regulatory applications to construct and operate the Canadian portion of the project. Keystone also received approvals in 2007 and early 2008 for major US state-level regulatory applications.


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