Alaska and China sign agreement to develop Alaska LNG
A joint development agreement has been signed between Alaska and China, in the presence of US President Donald Trump and Chinese President Xi Jinping, to develop Alaska LNG.
On November 9, Alaska Gasline Development Corporation (AGDC), the State of Alaska, China Petrochemical Corporation (Sinopec), CIC Capital Corporation (CIC Capital), and Bank of China (BOC) announced they had signed the agreement to advance Alaska’s strategic gas infrastructure project.
Alaska LNG is designed as a 20 million t per annum integrated LNG system, comprised of a three train liquefaction plant in southcentral Alaska at Nikiski, and a 1,287 km, 42 inch (1,067 mm) diameter gas pipeline.
The project also includes the construction of a gas treatment plant on the North Slope of Alaska and various interconnecting facilities to connect the Prudhoe Bay gas complex to the gas treatment plant.
“Today’s agreement brings the potential customer, lender, equity investor, and developer together with a common objective of crafting mutually beneficial agreements leading to increased LNG trade between Alaska and China,” AGDC President Keith Meyer said.
Based in Beijing, China, Sinopec is a state-owned energy and chemical company; with an annual revenue of US$455.49 billion it is the largest oil and gas company in the world by revenue.
CIC Capital is China’s direct investment arm, which is mandated to make direct investments and manage bilateral and multilateral fund investments in order to pursue long-term financial returns and promote international investment cooperation.
The company is a market-oriented commercial entity with a specialised mandate and global reach.
Bank of China is a state-owned commercial bank, ranking in the top 10 largest banks in the world by market capitalisation value and provides a comprehensive range of financial services to clients in 52 countries and regions around the world.
For more information visit the AGDC website.
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