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.