China and Alaska Sign Agreement on LNG Projects for $ 43 Billion
2017 November 10 ( Thursday ) 10:29:12
Baku/10.11.17/ Turan: Three state corporations of the People"s Republic of China (P.R.C.) yesterday signed an agreement with the authorities of Alaska and the company Alaska Gas Line Development Corp. (AGDC) on the implementation of projects for the liquefaction of natural gas for $ 43 billion in Alaska.
On the Chinese side, China Petrochemical Corp. (Sinopec), the state fund of China Investment Corp. (CIC) and the Bank of China are involved in the agreement, the government of Alaska said.
Over the past decade, gas consumption in the P.R.C. has more than quadrupled, and it has taken the third place in the world in terms of its imports. Gas consumption since the beginning of 2017 is 18% higher than the level for the same period last year. The main gas suppliers to the P.R.C. are Qatar and Australia, and work is under way to supply Russian gas through pipelines.
The US has natural gas reserves of 330 trillion cubic feet, but the country still lacks export capacity, especially on the Pacific coast. -0