China Energy Investment Corporation could invest $83.7 billion in West Virginia’s shale gas and chemical manufacturing projects.
The plan has been set forth in the memorandum of understanding signed by West Virginia’s secretary of commerce H. Wood Thrasher and China Energy president Ling Wen, during Donald Trump’s presidential visit to China.
China Energy has made several trips to West Virginia, and the MoU marks the first step in a series of commitments China Energy plans to make in the Mountain State, West Virginia’s department of commerce said.
Planning for the projects is underway and will proceed in phases over the course of 20 years. The projects will focus on power generation, chemical manufacturing, and underground storage of natural gas liquids and derivatives.
China Energy selected West Virginia for this project because of the state’s position as an energy-producing state and home to one of the world’s largest shale gas reserves, the statement reads.