China Energy, the world’s leading power company, announced Thursday it plans to spend more than $83 billion on shale gas and chemical projects in West Virginia, a deal that represents a massive foreign investment in American energy.
A memorandum of understanding between the company and American officials was signed as President Trump meets with his Chinese counterpart. The agreement is part of a broader package of deals signed between the two nations totaling well over $200 billion.
The investment is expected to stretch over two decades. The $87 billion will be spent on power generation efforts, chemical manufacturing facilities and liquefied natural gas storage projects.
West Virginia officials touted the deal as an economic boon for the state.
“Expanding Appalachia’s energy infrastructure, including developing a regional storage hub and market for natural gas liquids, will have a transformative effect on our economy, our security, and our future,” Sen. Shelley Moore Capito, West Virginia Republican, said in a statement. “From driving growth and creating jobs to maximizing America’s energy potential, the benefits for West Virginia and the country from this new investment will be significant and long-lasting.”
China Energy is regarded as the largest energy and power company on the planet. It was formed recently after a merger of a top Chinese coal company and one of the country’s biggest utilities, and has over 300,000 employees.
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