TransCanada Corp. has taken U.S. President Donald Trump up on his invitation and has formally submitted a new application to the U.S. Department of State for its Keystone XL pipeline.
"I've always thought it was the right thing to do, and I've always said, eventually, you know, the right thing happens if you're patient", said TransCanada CEO Russ Girling in a video statement.
Trump directed the State Department and other agencies to make a decision within 60 days of a final application.
He noted that TransCanada employees live in 38 USA states where the Calgary-based firm operates, and the company is committed to working productively with stakeholders and tribal leaders. A spokesman for TransCanada declined to release the application.
Since it has been proposed almost a decade ago, TransCanada has lost some initial support from shippers during its arduous approval process, said a Canadian crude trader familiar with the pipeline contract who declined to be identified due to a lack of authorization to speak to the media.
The statement added that the project would add $3.4 billion to the United States economy.
The total costs could, however, change significantly.
Job creation aside, TransCanada might run into some cost problems with the project because of another document Trump signed this week: a memorandum that requires all pipelines that are to be built, retrofitted or repaired in the U.S.to be made from locally manufactured materials.
If operational, Keystone XL would bring more than 800,000 barrels per day of heavy crude from Canada, which holds the world's third-largest crude reserves but lacks the infrastructure to move it easily.
Former President Obama rejected the Keystone application in 2015, seven years after TransCanada first applied for it.
TransCanada still faces bitter opposition from environmentalists, landowners and native Americans who are determined to block Keystone XL.