TransCanada Corp. Chief Executive Officer Russ Girling said starting the $5.3-billion Keystone XL pipeline project in the second half of 2015 will be “difficult.”
The company expected a final decision from the U.S. government in mid-summer and that’s unlikely, Girling said in an interview at Bloomberg headquarters in New York today. The CEO said he hopes for a final environmental-impact assessment from the State Department by the end of summer, after which there will be a 90-day final review period.
TransCanada, based in Calgary, needs 24 months to build the pipeline, which would bring oil from Alberta to refineries on the U.S. Gulf Coast. The company is awaiting a U.S. ruling on Keystone XL, which President Barack Obama initially rejected in January 2012 citing concerns with its path through ecologically sensitive lands in Nebraska.
TransCanada reapplied with a new route last year and in April bumped back its target to complete the line to the second half of 2015, forecasting costs will rise amid delays receiving the needed approvals for construction.
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