Trump Is Winning and Winning BIG
China Energy, the world’s leading power company, announced Thursday it plans to spend more than $83 billion on shale gas and chemical projects in West Virginia, a deal that represents a massive foreign investment in American energy.
A memorandum of understanding between the the company and American officials was signed as President Trump meets with his Chinese counterpart. The agreement is part of a broader package of deals signed between the two nations totaling well over $200 billion.
West Virginia officials touted the deal as an economic boon for the state.
To put the dollar amount into perspective, it would be the world’s third wealthiest person, behind Jeff Bezos and Bill Gates, and is well above the combined value of every product and service produced in West Virginia last year.
“It’s certainly a game changer for the state of West Virginia,” said Brian Anderson, director of WVU’s Energy Institute.
As for the reason why, “it’s the lowest cost of raw materials for the petrochemical sector on the planet.”
Although the deal’s non-binding, it was welcomed in a state that’s borne the brunt of coal’s long-term decline. West Virginia Governor Jim Justice, a coal and real estate mogul elected to office last year, has lobbied the Trump administration to prop up the state’s coal-mining sector.