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TransCanada Says Keystone XL Costs Increase to $8 Billion

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TransCanada Corp. said delays in receiving U.S. approval for its Keystone XL project have increased costs by 48 percent to $8 billion, raising the price customers will have to pay to ship oil on the proposed pipeline.

TransCanada has been waiting since 2008 for a U.S. decision on the line that would carry crude from Alberta’s oil sands across the border to Gulf Coast refineries. The Calgary-based company has spent about $2.4 billion on the project as of Sept. 30, it said in a statement today. It had previously estimated the 1,179-mile (1,897-kilometer) project would cost $5.4 billion.