China Energy to invest $84 bln in USA

China Energy Investment Corporation has signed an MoU to invest USD 83.7 billion in shale gas and chemical projects in West Virginia, the state’s Department of Commerce said on Thursday.

The deal was one of several signed during US President Donald Trump’s China visit, which raked in Chinese investments in the USA to the tune of USD 250 billion. Sinopec, China Investment Corporation and the Bank of China separately pledged to help develop the USD 43-billion Alaska LNG project, while Cheniere Energy signed an MoU with CNPC on long-term LNG sales.

“This is a great day for the state of West Virginia,” said West Virginia Governor Jim Justice in a press release. “I’ve been saying for the last couple months that the tides are turning in West Virginia and this is proof. Today is another sign as we joined with my good friend President Trump to announce the largest investment in our state’s history.”

China Energy, the result of a merger between state coal giant China Shenhua Group and utility China Guodian Corporation, is currently the largest power company in the world by asset value.