Oliver Says Canada Expects U.S. to Approve Keystone

Canadian Natural Resources Minister Joe Oliver said he’s optimistic President Barack Obama’s administration will approve TransCanada Corp. (TRP)’s Keystone XL pipeline project now that the U.S. election campaign is over.

Speaking to reporters in Ottawa, Oliver said Obama’s government will now be able to look at the project objectively. TransCanada re-applied in May for a U.S. permit for parts of the Keystone pipeline, which would transport crude from Alberta’s oil sands to the U.S., after a prior application was rejected by President Barack Obama on Jan. 18.

“I don’t know exactly why he postponed it but the point is right now we’re not in the middle of an election campaign and it will be decided by the administration on its merits,” Oliver said.

Canada will respect the U.S. regulatory process, and will continue to advocate for the pipeline, the minister said.

“We believe the Keystone XL pipeline will be approved by the Americans because it is clearly in the U.S. national interests in terms of national security, jobs, economic growth,” Oliver said.

To contact the reporter on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

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