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October 2018
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Wednesday, 03 October 2018 15:00

China and Alaska reaffirm willingness to advance Alaska LNG

China and Alaska reaffirm willingness to advance Alaska LNG

Alaska Gasline Development Corporation (AGDC), China Petrochemical Corporation (Sinopec), CIC Capital Corporation (CIC Capital), and Bank of China, signed an agreement supplementing the Joint Development Agreement that was signed November 9, 2017, in the presence of United States President Donald Trump and China President Xi Jinping, Caspian Energy News (www.caspianenergy.net) reports with reference to the press release of Alaska Gasline Development Corporation (AGDC).

The supplemental agreement reaffirms the parties’ intent to negotiate and conclude definitive agreements by December 31, 2018; AGDC reaffirmed its willingness to reserve 75 percent of the LNG production capacity of the Alaska LNG project for Sinopec. Sinopec will be interested in being the offtake customer for the LNG, CIC Capital will have the opportunity to be an equity investor, and Bank of China will continue to provide suggestions on refining the financing structure.

Alaska LNG is designed as a 20 million tonnes per annum (MTPA) integrated LNG system comprised of a three train liquefaction plant in Southcentral Alaska at Nikiski; an 807-mile gas pipeline; and a gas treatment plant on the North Slope of Alaska.

 “Today’s agreement reaffirms the willingness to establish LNG trade between Alaska and China for the mutual benefit of all parties,” said Keith Meyer, president, AGDC.

 “The reaffirmation of the joint development objectives positions Alaska as a foundational building block between the US and China,” said Governor Bill Walker, State of Alaska.

 “Sinopec reaffirms its interest to purchase LNG from Alaska LNG on a stable basis,” said Sinopec.

 

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