Trump greenlights Keystone XL and Dakota Access pipelines in day two

US President Donald Trump has signed two separate orders that advance the construction of the Keystone XL and Dakota Access oil pipelines, BBC News reports.

Both TransCanada’s (TSX, NYSE: TRP) Keystone XL and Energy Transfer Partners LP’s (NYSE:ETP) $3.8 billion Dakota Access project were blocked under former President Barack Obama due partly to environmental concerns.

Shares in the companies responsible of the projects climbed on the news. TransCanada was up 2.50% to $48.35 in New York and 2.7% to $64.19 in Toronto. Energy Transfer Equity LP and Energy Transfer Partners LP climbed as much as 3.3% and 1.7%, respectively.

Obama rejected the proposed Keystone XL pipeline in late 2015, would not have made a meaningful long-term contribution to the US economy. He also said it would have dented his administration’s efforts to seal a global climate change deal, key to his environmental legacy.

More to come…

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