The U.S. State department is poised to release an environmental assessment of
TransCanada Corp.’s (
TSX: T.TRP,
Stock Forum) proposed Keystone XL pipeline, in a move that could spark a final decision within 90 days, according to the Toronto Globe and Mail newspaper and CNN.
The report says the Canadian government is anticipating a positive report, saying the pipeline would not add significantly to greenhouse gas emissions because the oil sands would be developed with or without the pipeline.
The project would carry diluted bitumen from Alberta to the refineries on the Gulf Coast.
According to the report, the Harper government expects the environmental assessment to be released today.
It also said U.S. officials confirmed to Reuters news service late Thursday that the final environmental impact statement was “in the final stages of preparation” and would be released as early as Friday.”
TransCanada shares rose 0.82% to $48.22 on Friday, leaving a market cap of $34.1 billion, based on 707.4 million shares outstanding. The 52-week range is $51.21 and $43.94.
CNN cites two senior administration officials and another unidentified source familiar with the timing.
Once the results are out, eight U.S. agencies will examine them, then send their observations to Secretary of State John Kerry. President Barack Obama would then decide whether or not to approve the pipeline.
Supporters say the pipeline would reduce imports from overseas and create jobs while opponents warn against potential environmental damage.
One diplomat in Washington told The Canadian Press this week that the results are ``going to be positive for the project.``
Earlier this month, Foreign Affairs Minister John Baird was in Washington pleading for a quick decision. He said enough time had been lost on the project and didn't want to see another construction season wasted.
Kerry responded that there would be no fast-tracking the process.