Investors in Canadian oil have been buoyed by the election of Donald Trump over his support for the Keystone pipeline between Canada and America.
TransCanada the firm who is behind the Keystone project saw their shares rise 2.2 per cent on Mr Trump’s election. But analysts in Canada’s energy capital Calgary warned it was unclear how quickly the pipeline could go ahead if approved, or at what point in the regulatory process TransCanada’s application could pick up again.
In a statement on Wednesday, TransCanada said it remained fully committed to building Keystone XL.
“President Barack Obama denied a permit to TransCanada Corp’s proposed cross-border Keystone XL pipeline last year. In May, Trump said that if elected, he would “100 percent” approve Keystone XL, which would carry 830,000 barrels per day from Alberta to Nebraska, but would seek a better deal.”
“We are evaluating ways to engage the new administration on the benefits, the jobs and the tax revenues this project brings to the table,” spokesman Mark Cooper said.