CALGARY — The Canadian Press
TransCanada Corp. has won a contract to build, own and operate a $500-million (U.S.) natural gas pipeline for Mexico’s state-owned power company.
Calgary-based TransCanada says the Tuxpan-Tula Pipeline will help meet Mexico’s increasing demand for natural gas as the country shifts to the cleaner-burning fuel.
President Barack Obama on Friday rejected TransCanada Corp’s $8-billion Keystone XL pipeline scheme to funnel Alberta oil sands crude to the gulf coast and world markets, handing environmentalists a huge albeit symbolic victory in the battle to cut greenhouse gas emissions.
The company says the pipeline should be completed by late 2017 and it has a 25-year contract with the Comision Federal de Electricidad to operate the line.