FULL TEXT-TransCanada CEO frustrated with Keystone criticism

Tue Nov 1, 2011 5:08pm EDT

Nov 1 (Reuters) - TransCanada Corp's chief executive moved on Tuesday to reject some of the allegations brought against of the company's $7 billion Keystone XL pipeline project, which he says are untrue.

Girling was speaking on a conference call held to discuss TransCanada's third-quarter earnings.

Here is a transcript of a portion of his comments:

"We could add numerous things to the list that we're dealing with on a daily basis that are mainly targeted at discrediting the process itself, that are targeted at discrediting the regulators, discrediting our employees, discrediting the company. All in an effort, I believe, to obviously stop the oil pipeline project, I believe with an intent that that would lead to a reduction in the development of the Canadian oil sands and that's the target.

"They include ... allegations around caustic oil. This oil is no different than any other oil.

"We've faced allegations of collusion with the Chinese to export the oil off the Gulf Coast of the United States. That's ludicrous. That is not going to happen. There's no bitumen that is going to be exported.

"Collusion with the Koch brothers. I can tell you that Koch (Industries Inc) isn't a shipper and I've never met the Koch brothers before.

"Collusion with Midwest refiners to increase the price of gasoline in the Midwest. I guess from my perspective if you bring more supply into a marketplace, all other things being equal, the only direction prices can go is down. Obviously, if we supply half a million barrels a day to the United States we'll see prices go down.

"... Those that are opposed to the project would say that the pipeline is a fuse to the largest carbon bomb in the world, and I guess our view would be is that that is patently false, and that's been determined to be falsehood.

"So it's continuous process of dealing with these allegations to discredit the process and the regulators, and we have worked very diligently with the authorities to provide them with accurate information on a timely basis and we'll continue to do so."

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