Thursday, November 09, 2017

China Energy to invest $83.7 billion in W.Va. for shale gas development and chemical manufacturing

"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.

"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.

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