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CBC News reported that US President Barack Obama has rejected TransCanada’s (TSX:TRP,NYSE:TRP) application to build the Keystone XL pipeline after a seven years saga.

CBC News reported that US President Barack Obama has rejected TransCanada’s (TSX:TRP,NYSE:TRP) application to build the Keystone XL pipeline after a seven years saga.
As quoted in the market news:

Speaking from the White House on Friday, Obama said Keystone “will not serve the national interests of the United States.”
Obama said the State Department rejected the proposed pipeline, saying it would not make a meaningful long-term contribution to the U.S. economy.
The U.S. president said he has informed Canadian Prime Minister Justin Trudeau of the decision.
“While he expressed his disappointment, given Canada’s position on this issue, we both agreed that our close friendship on a whole range of issues — including energy and climate change — should provide the basis for an even closer co-ordination between our countries going forward,” Obama said.
Prime Minister Justin Trudeau said he was “disappointed” in the decision but that it will not hurt the strong ties between the two countries.
Despite the rejection, Calgary-based TransCanada’s top executive said he continues to believe that a pipeline would eventually be built.

Click here to read the full CBC News report.

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