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China has signed a multibillion-dollar LNG contract with Alaska

Китай заключил многомиллиардный СПГ-контракт с Аляской

Three of the state Corporation of China signed on Thursday an agreement with the government of Alaska and the company’s Alaska Gasline Development Corp. (AGDC) on the implementation on the territory of the U.S. state of projects for liquefied natural gas (LNG) at $43 billion.

On the Chinese side, the agreement involves China Petrochemical Corp. (Sinopec), the state Fund China Investment Corp. (CIC) and Bank of China. The document was signed during the official visit of the President of the United States Donald trump to China, reports “Finmarket”.

According to estimates given by the government of Alaska, the agreement on gas with Chinese companies over time will reduce the US trade deficit in relations with Asian countries $10 billion a year. In 2016, the deficit with China amounted to $347 billion in addition, the agreement will create up to 12 thousand jobs in the United States for the period of construction.

“In addition to the alignment of bilateral trade, the export of LNG from the US to China will contribute to the efforts of the Chinese side to improve air quality and the transition to a future with lower carbon dioxide emissions due to the shift away from coal in favor of natural gas,” — said the President of the Energy Foundation China, Zhou JI.

Over the last decade, gas consumption in China increased more than fourfold, and he ranked third in the world in terms of its imports. Gas consumption from the beginning of 2017 is 18% higher than in the same period last year. The main suppliers of gas to China are Qatar and Australia, is working on supplies of Russian gas through pipelines.

The United States has natural gas reserves in the amount of 330 trillion cubic feet, however, the country does not have enough export capacity, particularly on the Pacific coast.

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