West Virginia signs $83.7B energy investment agreement overnight with China Energy

CHARLESTON, W.Va. (AP) — West Virginia officials say they have an agreement with China Energy Investment Corp. Ltd. for the company to invest $83.7 billion in shale gas development and chemical manufacturing in West Virginia over 20 years.

State Commerce Secretary Woody Thrasher and China Energy President Ling Wen signed the memorandum in Beijing as part of the US-China trade mission during President Trump’s visit.

Commerce officials say it is part of an overall $250 billion of planned Chinese investments in the U.S.

They say project planning will focus on power generation, chemical manufacturing and underground storage of natural gas liquids and derivatives.

West Virginia has large underground shale gas reserves.

West Virginia University has been jointly researching coal liquefaction with mining company Shenhua Group, which merged with Guodian Group to form China Energy.

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