A depot used to store pipes for Transcanada Corp's planned Keystone XL oil pipeline is seen in Gascoyne, North Dakota November 14, 2014. REUTERS/Andrew Cullen TransCanada, the company behind the proposed Keystone XL pipeline between the US and Canada, said Friday that it received a presidential permit from the State Department.

The move overturns President Barack Obama's rejection of the $8 billion project following a wave of protests from environmentalists. Obama said the project was against the long-term interests of the US.

In January, President Donald Trump signed an executive order advancing the pipeline. He promised that 28,000 construction jobs would be created, though it was unclear how that estimate was generated.

"It's a great day for American jobs and a historic moment for North America and energy independence," Trump said on Friday.

"We greatly appreciate President Trump's administration for reviewing and approving this important initiative, and we look forward to working with them as we continue to invest in and strengthen North America's energy infrastructure," TransCanada CEO Russ Girling said in a statement.

Designs call for the pipeline to carry 830,000 barrels of oil a day. It would span 1,179 miles and run through Nebraska, South Dakota, and Montana.

TransCanada shares gained 1% in premarket trading.