By Reuters, FOX Business
TransCanada Corp is taking its second shot at asking Washington to approve the contentious Keystone XL oil pipeline, betting that a new route through Nebraska and post-U.S. election time frame for a decision will push the project forward.
The reapplication to the U.S. State Department on Friday comes after Canada’s largest pipeline company carved the proposal into two parts.
U.S. President Barack Obama rejected the full $7.6 billion project early this year due to concerns about the proposed northern portion of the route near an aquifer in Nebraska. Obama has expressed support for the southern portion.
TransCanada has been negotiating with Nebraska state officials over a new route and hopes to have the northern part of the pipeline in service by the end of 2014 or early 2015, assuming it wins State Department approval by the first quarter of next year. That portion would cost $5.3 billion.
The move angered environmentalists, who had claimed the last rejection as a victory in their battle against what they say are oil spill risks and rising greenhouse gas emissions from oil sands development. Last year they staged noisy protests against the project in Washington and elsewhere, leading to some arrests.
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