TransCanada, the company behind the controversial Keystone XL pipeline between the US and Canada, said Friday that it received presidential approval to proceed with the $US8 billion project.
In January, President Donald Trump signed an executive order advancing the pipeline and promised that 28,000 construction jobs would be created. It was unclear how that estimate was arrived at.
The move overturns former President Barack Obama’s rejection of the pipeline following a wave of protests from environmentalists. Obama said the project was against the long-term interests of the United States.
“We greatly appreciate President Trump’s Administration for reviewing and approving this important initiative and we look forward to working with them as we continue to invest in and strengthen North America’s energy infrastructure,” said CEO Russ Girling in a statement.
TransCanada shares gained 1% in premarket trading.