UPDATE: TransCanada Shares Higher on Energy East Pipeline; Market Still Awaits Keystone Decision

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TransCanada Corporation ( TRP ) shares are up 1% to $48.85 after announcing it is going ahead with its Energy East Pipeline project and will start by hold a binding open season to obtain firm commitments from interested parties for a pipeline to transport crude oil from Western Canada to Eastern Canadian markets.

The Energy East Pipeline project involves the conversion of a natural gas pipeline capacity in about 3,000 km of its existing Canadian mainline to crude oil service and constructing up to 1,400 km of new pipeline. Subject to the results of the open season, the project will have the capacity to transport as much as 850,000 barrels of crude oil per day, greatly enhancing producer access to markets in Eastern Canada, the company said.

Following the completion of the open season, if it is successful, TransCanada said it aims to go ahead with regulatory applications to construct and operate the facilities, with a potential on line date of late-2017.

The approval of TRP's most popular, and controversial project: The Keystone Pipeline is still pending. The latest oil spill in Arkansas has invigorated environmentalist who are in staunch opposition to the project. However, the majority of Americans remain in favor of the proposed pipeline. A research report by Pew released today showed 66% of Americans support building the pipeline.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: TRP

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