Skip to main content
LNGChinaU.S.

China to develop $43bn LNG in Alaska

Sinopec, the Chinese state oil company, along with one the nations top banks and its sovereign wealth fund have all signed an agreement to develop Alaska’s liquefied natural gas sector.

China Petrochemical Corp (Sinopec), Alaska Gasoline Development, the state of Alaska, China Investment Corp, and the Bank of China have all settled on aiding the progression of LNG in the state.                                            

This deal could see the US becoming a top source of clean energy for China.

This is following President Donald Trump’s visit to the country in order to meet with President Xi Jinoing in Beijing.

SEE ALSO:

The firms and lenders have confirmed that a potential US$43bn could be invested into the project.

It is expected that 12,000 jobs could be created during construction, as well as the trade deficit between the US and Asia decreasing by $10bn a year, and China receiving renewable energy.

“In addition to balancing overall bilateral trade, LNG exports from the US to China could contribute to China’s efforts to improve air quality and transition to a low-carbon future by quickly switching from scattered coal to gas,” reported the President of the Energy Foundation China, Zou Ji.

“A combination of rising export capacity in the US, LNG import demand growth in China, and political cheerleading has underpinned an uptick in LNG exports to China this year via third party, spot trades,” stated Kerry-Anne Shanks, Head of Asia Gas and LNG at Wood Mackenzie.

Recommended by Outbrain

Read More

LNGAsia
Following the letter of intent (LOI) sent from Tokyo Gas Co. Ltd. to the Philippine government, the natural gas provider has announced its new three-… Read More
LNG
In a bid to diversify its liquefied natural gas (LNG) imports, Pakistan has sought to receive deliveries from Nigeria. The first LNG vessel contained… Read More
LNGU.S.China
Alaska has reached an agreement with Chinese state-owned firms to develop liquefied natural gas (LNG). The $43bn deal was made between Alaska Gasline… Read More