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Keystone Pipeline Seen Bigger for Suncor Than TransCanada

U.S. President Barack Obama’s ruling on Keystone XL is becoming more critical for oil-sands producers such as Canadian Natural Resources Ltd. than pipeline builder TransCanada Corp.

Calgary-based TransCanada has about C$33 billion ($31 billion) of projects on its books, even without the $5.4 billion pipeline the company had targeted for completion in 2012. For producers, Keystone is the earliest export line scheduled to ease bottlenecks which have helped push Canadian heavy crude $27 a barrel below the U.S. benchmark and are costing the industry about C$18 billion a year, according to Chevron Corp.