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Four top trade unions back TransCanada in Energy East pipeline

Jul. 15, 2016 9:15 AM ETTC Energy Corporation (TRP) Stock, TRP:CA StockBy: Carl Surran, SA News Editor1 Comment
  • TransCanada (NYSE:TRP) wins the support of four major Canadian labor unions for the company's proposed Energy East pipeline project as a "nation-building" exercise.
  • The alliance, symbolized by an MOU signed yesterday, gives the 4,600-km pipeline from Alberta to New Brunswick a public relations boost after months of public protests and highly publicized rejections.
  • Union and company reps say construction and conversion of the oil line - two-thirds of which already exists as a gas pipeline - will support 14K jobs/year for nearly a decade, although TRP CEO Russ Girling expects the pipeline to be operational by late 2019 or early 2020.
  • Canada's National Energy Board soon will begin a two-year environmental assessment of the $15.7B proposal, and then the national cabinet in Ottawa will decide its fate.

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