- China’s top oil company Sinopec (NYSE:SNP) will team up with one of China's biggest banks and the country's sovereign wealth fund to help develop the $43B Alaska LNG project.
- The deal is one of several announced in conjunction with Pres. Trump's visit to China this week.
- The group will work over the next year with Alaska's state government to iron out the details of their involvement in the natural gas project.
- If the project is completed, an 800-mile pipeline would bring natural gas from the North Slope to a port in Nikiski, on the Kenai Peninsula, where the gas would be chilled into liquefied natural gas before being shipped in tankers to China and other Asian destinations.
- A final investment decision for Alaska LNG is expected in early 2019, with construction starting in the same year and the first cargo expected around 2024-25.
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