(MENAFN- AFP) TransCanada said Friday it may file a new application after the United States rejected its proposal to build a pipeline connecting Canada's oil sands to US Gulf Coast refineries.
"TransCanada and its shippers remain absolutely committed to building this important energy infrastructure project," company chief executive Russ Girling said in a statement.
"We will review our options to potentially file a new application for border-crossing authority to ship our customer's crude oil, and will now analyze the stated rationale for the denial."
Girling cited Canadian and US public support for the project, saying "misplaced symbolism was chosen over merit and science" in rejecting the project, in comments aimed at environmental activists.
The 1,179-mile (1,900-kilometer) pipeline would have transported crude from oil sands in energy-rich Alberta province to a network of pipelines that reach across the United States to the shores of the Gulf of Mexico.
Environmentalists strongly opposed it because they say the crude requires a more carbon-intense process of extraction and processing.
For many, the objections were a proxy for their fight against climate change.
Because the project crossed an international border, the US State Department had to give its approval first.
TransCanada's shares, meanwhile, plunged 5.5 percent in New York after the announcement, to $32.45 at midday (1815 GMT).
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