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TransCanada sees no change on permits

Keywords: Tags  TransCanada, Keystone XL, pipeline, cross-border pipelines, Alex Pourbaix, Russell Girling, Thorsten Schier


NEW YORK — TransCanada Corp. doesn’t expect a significant shift in the permitting of cross-border pipelines in the near future.

"I think all of the issues that have made (the) Keystone XL (pipeline) contentious with the opposition would be equally applicable to (other projects), and I think it would be pretty naive to assume any ... project certainly in the near future would be going through a significantly lower hurdle in terms of the presidential permit process," president of energy and oil pipelines Alex Pourbaix said during the company’s third-quarter earnings call in response to an analyst question about the potential of two other planned cross-border pipeline expansion projects receiving presidential permits.

Meanwhile, the permitting of Keystone XL remains at a standstill.

"The process is as it’s been for months. We’re waiting for the final environmental impact statement to be completed and issued," president and chief executive officer Russell K. Girling said during the call.

However, it is only a matter of time before Keystone is approved, he said. "Really nothing has changed, in that the U.S. needs crude oil in excess of its own production and Canada produces oil in excess of its own consumption; and the marriage of those two things makes sense historically and makes sense today and it makes sense for many decades in the future."

Girling maintained that Canada’s government intends to develop the nation’s oil sands with or without Keystone, something environmental groups deny.

The Calgary, Alberta-based energy company posted net income of Canadian $481 million ($461.8 million) during the quarter, up 30.4 percent from the same period last year, on sales that rose 3.7 percent to C$2.2 billion ($2.11 billion).


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