TransCanada $5 bil line pick

Canadian oil and gas company Progress Energy chose TransCanada (TRP) to build, own and operate the proposed Prince Rupert Gas Transmission project. The $5 bil pipeline will ship its shale natural gas to the West Coast. The contract is part of Progress' plan to export liquefied natural gas from a port near Prince Rupert, B.C., to rapidly growing Asian countries. Malaysia's state-owned energy company bought Progress in a deal approved by the Canadian gov't in Dec. TransCanada shares rose 2.3% to 48.98.