Lawmakers award gas line license to TransCanada

JUNEAU(ALASKA): Alaska lawmakers have approved a state license for TransCanada Corp. to pursue a natural gas pipeline.

The approval ends a decades-long battle to open up North Slope natural gas for use on the North American market.

The state Senate approved the bill on Friday; the House gave its approval last week. It only awaits the signature of Gov. Sarah Palin, who has backed the Canadian proposal from the start.

The license does not guarantee construction, but it means TransCanada must move forward on federal permitting applications for the 1,700-mile (2,735-kilometer) pipeline. It's estimated to cost between $26 billion and $30 billion.

The approval comes with up to $500 million in state seed money. It also sets up a race with a competing pipeline venture established by oil giants BP PLC and ConocoPhillips.