Story highlights "It's a great day for jobs and energy independence," Trump said

The approval follows years of intense debate over the pipeline

Washington (CNN) President Donald Trump announced Friday that his administration has approved the Keystone XL pipeline, reversing the Obama administration's decision to block the controversial oil project.

Speaking from the Oval Office, Trump officially announced the approval shortly after the State Department issued TransCanada's permit, making good on one of his campaign promises. The approval greenlights the Canadian company to complete construction on the pipeline that will funnel crude oil from Canada to refineries on the Gulf Coast.

"It's a great day for jobs and energy independence," Trump said, calling the pipeline "incredible" and "the greatest technology known to man or woman."

Standing alongside his secretaries of energy and commerce, Trump vowed that the pipeline would be the "first of many" energy projects his administration will approve.

TransCanada CEO Russel Girling said he was "very relieved" to see the pipeline approved.

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