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West Virginia Gets China Energy Deal That Dwarfs State's GDP


West Virginia Governor Jim Justice, a coal and real estate mogul elected to office last year, has lobbied the Trump administration to prop up the state’s coal-mining sector. “Expanding Appalachia’s energy infrastructure, including developing a ...


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Photographer: Andrew Harrer/Bloomberg West Virginia Gets China Energy Deal That Dwarfs State's GDP By Jim Polson @jpolson9 More stories by Jim Polson {"year":"numeric","month":"long","day":"numeric","hour":"numeric","minute":"numeric","timeZoneName":"short"} November 9, 2017, 9:45 AM EST Updated on {"year":"numeric","month":"long","day":"numeric","hour":"numeric","minute":"numeric","timeZoneName":"short"} November 9, 2017, 12:40 PM EST Focus will be on power generation, chemicals, gas storage Memorandum signed during President Trump’s visit to China West Virginia was the biggest recipient of the $250 billion of investments signed during President Donald Trump’s visit to China.China Energy Investment Corpplans to invest $83.7 billion in shale gas development and chemical manufacturing projects in the state over two decades, according to a statement from the state’s Department of Commerce.The memorandum of understanding marks the first step in a series of commitments the company expects to make in West VirginiaThese include power generation, chemical manufacturing and underground storage of natural gas liquids derivativesThe size of the proposed investment is larger than the state’s gross domestic product last year of $73.4 billion. {"contentId":"OZ5KGG6K50XS01","position":"outstream","dimensions":{"large_desktop":[[1,8]],"small_desktop":[[1,8]],"tablet":[[1,8]]},"strategy":"always","type":"Outstream Video Native Ad","targeting":{"position":"outstream","url":"/news/articles/2017-11-09/west-virginia-gets-china-energy-deal-that-dwarfs-state-s-gdp"},"containerId":"outstream-video-1-OZ5KGG6K50XS01"} {"contentId":"OZ5KGG6K50XS01","position":"box","dimensions":{"mobile":[[300,250],[1,1]]},"type":"Mobile Body Box Ad","positionIncrement":1,"targeting":{"position":"box1","positionIncrement":1,"url":"/news/articles/2017-11-09/west-virginia-gets-china-energy-deal-that-dwarfs-state-s-gdp"},"containerId":"box-EPfKvyU"} Although the deal’s non-binding, it was welcomed in a state that’s borne the brunt of coal’s long-term declineWest Virginia Governor Jim Justice, a coal and real estate mogul elected to office last year, has lobbied the Trump administration to prop up the state’s coal-mining sector. “Expanding Appalachia’s energy infrastructure, including developing a regional storage hub and market for natural gas liquids, will have a transformative effect on our economy, our security and our future,” U.SSenator Shelley Moore Capito, a West Virginia Republican, said in the statement.China Energy Investment was formed from the combination of Shenhua Group Corp., the nation’s largest coal miner, and China Guodian Corp., one of its top-five power generators. {"contentId":"OZ5KGG6K50XS01","position":"outstream","dimensions":{"mobile":[[1,8]]},"strategy":"always","type":"Outstream Video Native Ad","targeting":{"position":"outstream","url":"/news/articles/2017-11-09/west-virginia-gets-china-energy-deal-that-dwarfs-state-s-gdp"},"containerId":"outstream-video-2-OZ5KGG6K50XS01"} Without a contractual obligation, there’s no guarantee developments agreed to in an memorandum will get funded and built."At the end of the day what really counts is contracts," Jason Feer, head of business intelligence at Poten & Partners Incin Houston, said in a phone interview Wednesday"An MoU is usually an agreement to continue talking." {"contentId":"OZ5KGG6K50XS01","position":"in-article","dimensions":{"mobile":[[5,19],[300,250],[1,1]],"tablet":[[5,19],[728,90],[1,1]]},"type":"In Article Flex Native Ad","positionIncrement":1,"targeting":{"position":"in-article","positionIncrement":1,"url":"/news/articles/2017-11-09/west-virginia-gets-china-energy-deal-that-dwarfs-state-s-gdp"},"containerId":"in-article-TE5KiLg"} — With assistance by Ryan Collins, and Tim Loh Before it's here, it's on the Bloomberg Terminal. LEARN MORE Have a confidential news tip?Get in touch with our reporters. {"url":"https://www.bloomberg.com/news/articles/2017-11-09/west-virginia-gets-china-energy-deal-that-dwarfs-state-s-gdp"} {"contentId":"OZ5KGG6K50XS01","position":"box","dimensions":{"small_desktop":[[300,600],[300,250],[1,1]],"large_desktop":[[300,600],[300,250],[1,1]]},"positionIncrement":1,"targeting":{"position":"box1","positionIncrement":1,"url":"/news/articles/2017-11-09/west-virginia-gets-china-energy-deal-that-dwarfs-state-s-gdp"},"containerId":"box-hSdWOgv"} Most Read Airbus Is About to Strike One of the Biggest Deals in Aviation History Millionaire Bankers Feel Sorry for Struggling Millennials U.Sto Dominate Oil Markets After Biggest Boom in World History One57 Foreclosure Shatters Price Dreams at Billionaires' Tower Bitcoin Crashes and Then Surges in Wild Weekend Action {"contentId":"OZ5KGG6K50XS01","position":"trendingnow","dimensions":{"small_desktop":[[5,18],[1,1]],"large_desktop":[[5,18],[1,1]]},"positionIncrement":1,"targeting":{"position":"trendingnow1","positionIncrement":1,"url":"/news/articles/2017-11-09/west-virginia-gets-china-energy-deal-that-dwarfs-state-s-gdp"},"containerId":"trendingnow-RJCy4uO"} {"contentId":"OZ5KGG6K50XS01","position":"native","dimensions":{"all":[[5,16],[5,5],[5,2],[1,1]],"mobile":[[300,250]]},"type":"Native Transporter Ad","positionIncrement":1,"targeting":{"position":"native1","positionIncrement":1,"url":"/news/articles/2017-11-09/west-virginia-gets-china-energy-deal-that-dwarfs-state-s-gdp"},"containerId":"native-z4sOzj7"} Terms of Service Trademarks Privacy Policy

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