TransCanada Corp. has reapplied for a presidential permit for the Keystone XL oil pipeline, two days after President Donald Trump signed a memo encouraging the action and paving the way for a swift review of the project, which was quashed under the Obama administration.

"This privately funded infrastructure project will help meet America's growing energy needs as well as create tens of thousands of well-paying jobs and generate substantial economic benefit throughout the U.S. and Canada," Russ Girling, TransCanada's president and CEO, said in a Jan. 26 statement. "The project is an important new piece of modern U.S. infrastructure that secures access to an abundant energy resource produced by a neighbor that shares a commitment to a clean and healthy environment."

Trump's Jan. 24 memo directed the U.S. Department of State to reach a final decision on the pipeline within 60 days of TransCanada resubmitting its application and said the January 2014 final environmental impact statement would 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.

Shortly after the president signed the action, TransCanada announced that it planned to resubmit its application.

While signing the memo, one of five energy-related actions signed Jan. 24, Trump said the U.S. would seek to "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.

The Obama administration in November 2015 denied the project a presidential permit, the final authorization to build the line, after nationwide environmental opposition.