China Energy inks $84 billion West Virginia shale gas deal

China Energy inks $84 billion West Virginia shale gas deal

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China Energy Investment Corp, the world's largest power company by asset value, has signed a memorandum of understanding (MOU) to invest $83.7 billion in shale gas, power and chemical projects in West Virginia, the US state said on Thursday. The agreement was the biggest among a slew of deals signed during Trump's state visit to Beijing. The total value of the deals done during Trump's trip could be as much as $250 billion. The gas and power agreement marks the first overseas investment for newly founded China Energy, which formed from a merger of China Shenhua Group, the country's largest coal producer and China Guodian Corp., one of its top five utilities. Beijing is supporting and encouraging its power companies to expand globally, and the agreement underscores China Energy's ambition to diversify into natural gas and the refining sector. The touted investment would extend over a 20-year period, covering multiple projects, Reuters reports.