China and Alaska sign up for LNG development project

China and Alaska sign up for LNG development project

Alaska Gasline Development Corporation (AGDC), the State of Alaska, China Petrochemical Corporation (Sinopec), CIC Capital Corporation (CIC Capital), and Bank of China (BOC), has signed an agreement today for the joint development of Alaska LNG, Alaska’s strategic gas infrastructure project.

Under the agreement, the parties have agreed to work cooperatively on LNG marketing, financing, as well as the investment model and China content for Alaska LNG.

The Alaska LNG project is designed as a 20 million tonnes per annum (MTPA) integrated LNG system comprised of a liquefaction plant, a gas pipeline, a gas treatment plant and various interconnecting facilities.

China’s CIC Capital and Bank of China will act as financial investors in the project while Sinopec, China’s major state-run oil and gas company, said it is interested in the possibility of LNG purchase on a stable basis from the project.

“Today’s agreement brings the potential customer, lender, equity investor, and developer together with a common objective of crafting mutually beneficial agreements leading to increased LNG trade between Alaska and China,” said Keith Meyer, president of AGDC.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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1 Comment

  1. Lawrence Staab
    November 9, 2017 at 3:30 pm

    This is a real game-changer for the LNG industry.