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West Virginia, China Energy Deal Valued at $83 Billion
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 ...
Nov 09, 2017
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 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.
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,” said U.SSenator Shelley Moore Capito, a West Virginia Republican.
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.
Without a contractual obligation, there’s no guarantee developments agreed to in a 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 on Nov8"An MoU is usually an agreement to continue talking."
By Jim Polson
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