UPDATE: TransCanada Shares Rise on Pipeline Application News

By MidnightTrader.com Staff,

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Shares of TransCanada Corporation (TRP.TO) moved into positive territory after the company announced that it applied to the U.S. government for a new permit to build its controversial Keystone XL oil pipeline.

The Calgary-based company said today that it has filed a new application with the U.S. State Department for a pipeline running between the Canada-U.S. border and Steele City, Nebraska.

The application includes a new route that will avoid the ecologically sensitive Sand Hills region.

Construction is expected to begin in early 2013, with oil flowing in late 2014 or early 2015.

TRP shares were up five cents to $43.00 on volume of 935 thousand.

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This article appears in: Investing Commodities
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