TransCanada Corp. plans to resubmit its application for the Keystone XL oil pipeline project after President Donald Trump signed an executive memorandum inviting the company to reapply and mandating an expedited review of the approximately C$8 billion project.
"We appreciate the president of the United States inviting us to re-apply," the company said in a Jan. 24 statement. "We are currently preparing the application and intend to do so."
Trump earlier in the day signed another memo directing the U.S. Department of State to reach a final decision on the pipeline within 60 days of TransCanada resubmitting its application and allowing the January 2014 final environmental impact statement to fulfill requirements under the National Environmental Policy Act. The pipeline, which would transport oil sands product from Alberta to Nebraska, is subject to State Department approval because it would cross an international boundary.
Keystone was quashed under the Obama administration, which in November 2015 denied the project a presidential permit, the final authorization to build the line, after nationwide environmental opposition.
While signing the memo, one of five actions signed late in the morning Jan. 24, Trump said the U.S. will "renegotiate" the terms of the pipeline project. White House spokesman Sean Spicer said during a briefing that the renegotiations will be targeted at ensuring the "best deal possible" for U.S. taxpayers.
Trump also signed an executive memo paving the way for Energy Transfer Partners LP's Dakota Access pipeline. The action calls for an expedited review of the easements for the project and asks the U.S. Army Corps of Engineers to consider rescinding or modifying the corps' Dec. 4, 2016, decision to withhold an easement for a portion of the pipeline near Standing Rock Sioux Tribe land. Under the move, the corps would also consider withdrawing its intent to prepare an environmental impact statement for the approximately $3.8 billion project to deliver crude oil from the Bakken Shale to a terminal in Illinois.
Three other actions Trump signed are aimed at using U.S. steel for U.S. pipelines, expediting environmental reviews for high-priority infrastructure projects and streamlining regulations for domestic manufacturing.
TransCanada shares rose 3.5% in Jan. 24 trading on the New York Stock Exchange to close at $48.84. Energy Transfer Partners also gained 3.5%, closing at $37.