NEW YORK The U.S. State Department has no significant concerns about TransCanada Corp.s proposed Keystone XL pipeline, according to an assessment released Jan. 31.
The assessment analyzed the potential environmental impact of the pipeline and is not a decision "on whether to approve or deny the proposed project," according to a Commerce statement. A 30-day public comment following the assessment will end March 7.
While the Obama administration has moved the project forward, construction still requires the President to determine whether the project serves national interests in energy security, the environment, cultural and economic issues, foreign policy and compliance with relevant federal regulations.
In addition, the State Department will consult with at least eight different agencies on the impact of the proposed pipeline.
The Keystone XL project is an 875-mile pipeline and related facilities that could transport up to 830,000 barrels of oil per day from Alberta to Cushing, Okla., and on to the Gulf Coast. Its seen as a pivotal event in the energy tubular markets, sources have indicated, as final approval of the project would likely give the market a big boost.