TransCanada Corporation has submitted a Presidential Permit application to the U.S. Department of State for approval of the Keystone XL pipeline.

"This privately funded infrastructure project will help meet America's growing energy needs as well as create tens of thousands of well-paying jobs and generate substantial economic benefit throughout the U.S. and Canada," said Russ Girling, TransCanada's president and chief executive officer.

"KXL will strengthen the United States' energy security and remains in the national interest. The project is an important new piece of modern U.S. infrastructure that secures access to an abundant energy resource produced by a neighbor that shares a commitment to a clean and healthy environment. Numerous studies have shown that pipelines are a safer and more environmentally sound way to transport oil to market than trains and KXL raises the bar on both fronts.”