TransCanada Sees Job Cuts With Keystone Build Delayed
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TransCanada Corp. doesn’t expect to start building its proposed $5.4 billion Keystone XL pipeline this year, resulting in hundreds of job losses as construction contracts are wound down.
The company has pushed the timetable to start building the northern leg of the project, intended to transport crude from Alberta’s oil sands to Gulf Coast refiners, to 2015 after the Obama administration delayed a decision because of a legal challenge in Nebraska. TransCanada is still targeting startup of the line in 2016, Chief Executive Officer Russ Girling said today.