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RPT-UPDATE 1-Chinese companies agree to develop LNG in Alaska as Trump visits
November 9, 2017 / 4:51 AM / a month ago

RPT-UPDATE 1-Chinese companies agree to develop LNG in Alaska as Trump visits

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BEIJING, Nov 9 (Reuters) - China’s top state oil major Sinopec, one of the country’s top banks and its sovereign wealth fund have agreed to help develop Alaska’s liquefied natural gas sector as part of U.S. President Donald Trump’s visit, the U.S. government said on Thursday.

Alaska Gasline Development Corp (AGDC), the State of Alaska, Sinopec, China Investment Corp and the Bank of China have signed an agreement to advance (LNG) in Alaska, the U.S. government said in an email.

The agreement will involve investment of up to $43 billion, create up to 12,000 U.S. jobs during construction, reduce the trade deficit between the United States and Asia by $10 billion a year, and give China clean energy, it said.

There were no other details.

AGDC is building a gas treatment plant, an 800-mile (1,287 km) pipeline to south central Alaska for in-state use, and a liquefaction plant in Nikiski to produce up to 20 million tons of LNG per year for export.

China, the world’s third-largest gas buyer, is importing more LNG as the government tries to wean the country off dirty coal as part of its push to clear the skies, while the United States wants to sell more of its excess gas abroad. (Reporting by Matt Miller; Writing by Josephine Mason; Editing by Tom Hogue)

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