Economy

China Energy plans $83.7bn investment in USA shale gas, chems

China Energy plans $83.7bn investment in USA shale gas, chems”

Ltd. for the company to invest $83.7 billion in shale gas development and chemical manufacturing in West Virginia over 20 years.

The Memoradum of Understanding was signed Thursday in Beijing, witnessed by President Donald Trump and Chinese President Xi Jinping.

West Virginia commerce officials said project planning is already underway and will focus on power generation, chemical manufacturing and underground storage of natural gas liquids and derivatives.

"This is a great day for the state of West Virginia", said West Virginia Gov. Jim Justice.

"I realize it's close to the unbelievable range, but we really have, I think, landed something that's going to significantly impact and dramatically change the face of the petrochemical industry within West Virginia", state Commerce Secretary Woody Thrasher said in an interview today with MetroNews' Hoppy Kercheval.

Thrasher said the Brooke County project, along with another natural gas power plant in Harrison County, W.Va., could be under construction in the next six to 12 months.

Last year, the university and Shenhua signed a partnership agreement to establish West Virginia as the priority area for the company's US investments, natural gas power plant development, shale gas development and upstream and downstream businesses, technologies in clean coal and power and training.

China Energy was created from the merger between China's state-owned coal mining company Shenhua Group and energy producers Guodian Group. "The massive size of this energy undertaking and level of collaboration between our two countries is unprecedented".

Through then-Shenhua Group, the Chinese started joint research on direct coal liquefaction technology with West Virginia University in 2012.

"I am thrilled Secretary Thrasher and China Energy have signed the Memorandum of Understanding today in Beijing".

The senator led efforts in Washington to secure this investment, advocating for it directly with President Trump, Vice President Mike Pence, and secretaries Rick Perry and Wilbur Ross, she said. But state leaders also have been focused on how the private sector might invest millions of dollars in developing the hub. "I'm glad China Energy recognizes this and is working with us to create jobs and economic growth in our state", said Senator Joe Manchin. China Energy would serve as a partner in the power plants, which are expected to cost in excess of $1.3 billion.



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