China Energy to invest $83.7 billion in West Virginia

[thackney]

China Energy to invest $83.7 billion in West Virginia
http://www.wsaz.com/content/news/China-Energy-signs-837-billion-West-Virginia-investment-agreement-456288953.html
Nov 09, 2017

China Energy Investment Corporation Limited has signed an agreement with the West Virginia Dept. of Commerce on an $83.7 billion plan to invest in shale gas development and chemical manufacturing projects in West Virginia.

The Memoradum of Understanding was signed Thursday in Beijing, witnessed by President Donald Trump and Chinese President Xi Jinping.

West Virginia Secretary of Commerce H. Wood Thrasher and China Energy President Ling Wen signed the MOU.

"This is a great day for the state of West Virginia," Gov. Jim Justice said. "I’ve been saying for the last couple months that the tides are turning in West Virginia and this is proof. Today is another sign as we joined with my good friend President Trump to announce the largest investment in our state’s history."

Sen. Joe Manchin (D-W.Va.) also released a statement Thursday morning, saying, "I am thrilled Secretary Thrasher and China Energy have signed the Memorandum of Understanding today in Beijing. I have always said that West Virginians are the hardest working people in the world. I’m glad China Energy recognizes this and is working with us to create jobs and economic growth in our state."...

[Fishrrman]

I don't like this.

It took years to turn West Virginia "red".

But "Red China" and deals with the same ain't what I had in mind!

[IsailedawayfromFR]

There is a lot of shale gas in WV.  And it is not for the near term, but long term.

Exactly what the Chinese like.

Do not be surprised. It is geographically close to DC.

[Smokin Joe]

IIRC, China bought a chunk of Chesapeake. Someone correct me if I am wrong, because I might be...

[IsailedawayfromFR]

IIRC, China bought a chunk of Chesapeake. Someone correct me if I am wrong, because I might be...

I recall CK selling some assets in OK to the Chinese, not the company itself. 

As it happened in 2013 before the fall in oil prices, it was a good move for CK.  They needed the money.
http://buzz.money.cnn.com/2013/02/25/chesapeake-energy-sinopec/

[Smokin Joe]

I recall CK selling some assets in OK to the Chinese, not the company itself. 

As it happened in 2013 before the fall in oil prices, it was a good move for CK.  They needed the money.
http://buzz.money.cnn.com/2013/02/25/chesapeake-energy-sinopec/

Right. I worded that badly (no one is immune). They sold off some holdings to the Chinese. IIRC, the Chinese bought something like 20% of their stock, too.