Shares of TransCanada (TRP) - Get Report were higher by 1.6% to $47 in pre-market trading on Friday, after the energy infrastructure company said it received a presidential permit from the U.S. Department of State for the construction of the Keystone XL pipeline.

This is just the start of the approval process for the link between Canadian oil sands and U.S. refiners. The project was blocked by the Obama administration, but President Trump signed an executive order to advance it when he took office in January.

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