June 4, 2011 / 12:59 AM / in 6 years

TransCanada barred from restarting Keystone -WSJ

June 3 (Reuters) - TransCanada Corp (TRP.TO) has been barred by U.S. regulators from restarting its Keystone pipeline, which was shut last month after two oil spills, the Wall Street Journal reported on Friday.

The paper said it was unclear as to how long the pipeline would be shut down.

The Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA) has sought a detailed analysis of the failure and a review of the 1,300-mile pipeline for similar issues, the Journal said.

TransCanada and PHMSA were not available for comment outside business hours.

The ban comes at a time when Transcanada is pushing for the extension of a 591,000-barrel-a-day system.

Keystone, which runs from Hardisty, Alberta, to Cushing, Oklahoma, is a key feed for the Cushing oil storage hub, the pricing point for the New York Mercantile Exchange’s benchmark crude contract.

The line was shut last month after leaks spilled more than 500 barrels of oil. [ID:nN31283793] (Reporting by Abhiram Nandakumar in Bangalore)

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