TransCanada CEO: Obama will approve Keystone XL

TransCanada CEO Russ Girling said he is "very confident" the proposed Keystone XL pipeline would be approved by President Obama.

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Girling said he expects the final environmental review of the pipeline, which would carry crude from oil sands in Alberta to Gulf Coast refineries, to be released by the State Department in the coming weeks.

In an interview with Bloomberg TV, Girling said that he "remain[s] very confident" Obama will approve the pipeline.

"I remain 100 percent confident that this project makes sense for energy security and all the jobs and economic benefits come with it," he added.

However, Obama said earlier this year he would not approve Keystone XL if it "significantly exacerbates" carbon emissions.

Were the pipeline rejected, Girling said relations between the U.S. and Canada would be harmed, as Canada is the largest supplier of crude oil to the U.S.

"Any kind of denial would be a message to Canada that that relationship is no longer as important as it has been historically," Girling said.