"China Energy Investment Corp. Ltd. has signed an agreement with
the West Virginia Department of Commerce on an $83.7 billion plan to invest
in shale gas development and chemical manufacturing projects in West
Virginia," WSAZ-TV in Huntington reports. The deal "dwarfs" the state's gross domestic product, Bloomberg reports.
This marks the first overseas investment for China Energy, the world's largest power company, which was recently formed from a merger of the country's largest coal producer and one of China's top five utilities. "The agreement was the biggest" among up to $250 billion worth of deals signed during President Trump’s visit to Beijing, Reuters reports.
"The touted investment would extend over a 20-year period, covering
projects for power generation, chemical manufacturing and the
underground storage of liquefied natural gas, West Virginia’s
Department of Commerce said in its announcement," Reuters reports. "The deals will likely help create jobs in West Virginia and lift its economy."
This marks the first overseas investment for China Energy, the world's largest power company, which was recently formed from a merger of the country's largest coal producer and one of China's top five utilities. "The agreement was the biggest" among up to $250 billion worth of deals signed during President Trump’s visit to Beijing, Reuters reports.
No comments:
Post a Comment