Alaska-China gas deal to be finalized over next year
Late Wednesday, state officials announced that Chinese firms and the state-run Alaska Gasline Development Corp. ("AGDC") have inked a joint development agreement to advance the liquefied natural gas project.
Presidents Donald Trump and Xi Jinping were in attendance as the State of Alaska, AGDC, Sinopec, China Investment Corp., and Bank of China signed the deal at the Great Hall of the People, a famed building at the edge of Tiananmen Square in Beijing which is used for legislative and ceremonial activities of the Communist Party of China.
AGDC said in a news release that the parties have agreed to work cooperatively on LNG marketing, financing, and investment model, with periodic results by 2018.
Bloomberg reports that Beijing is prepared to invest up to $43 billion in the effort.
What remains unclear at this point is how firm the financial commitment really is.
