TransCanada said on Friday the U.S. Department of State issued a presidential permit for the construction of the Keystone XL Pipeline.
The pipeline linking Canadian oil sands to U.S. refiners had been blocked by former U.S. President Barack Obama, who said the pipeline would do nothing to reduce fuel prices for U.S. motorists and would contribute emissions linked to global warming.
“This is a significant milestone for the Keystone XL project,” said Russ Girling, TransCanada’s president and chief executive officer, said in a statement. “We greatly appreciate President Trump’s administration for reviewing and approving this important initiative and we look forward to working with them as we continue to invest in and strengthen North America’s energy infrastructure.”
U.S. President Donald Trump will make an announcement on the pipeline project later on
Friday morning, White House spokesman Sean Spicer said in a post on Twitter.
—CNBC contributed to this report.