HISTORIC! Presidents Trump and Xi Witness Historic Signing of Joint Development Agreement for Alaska LNG - P.O.W. Report

Friday, November 10, 2017

HISTORIC! Presidents Trump and Xi Witness Historic Signing of Joint Development Agreement for Alaska LNG

State of Alaska, AGDC and Three of China’s Largest Energy & Finance Companies Sign Agreement

November 8, 2017 BEIJING—It was an historic day for the State of Alaska and the United States as Governor Bill Walker signed the five-party joint development agreement (JDA) for the Alaska liquefied natural gas (Alaska LNG) project. This historic signing is the most significant step toward finally monetizing Alaska’s vast resources of natural gas. President Donald Trump and President Xi Jinping were present for the signing ceremony at the Great Hall of the People, underscoring the international importance of the agreement.

“Because Alaskans need well-paying jobs and affordable energy to power our homes, schools and businesses, this Alaska LNG project is critical,” Governor Walker said. “The gasline is key to building a Stronger Alaska. I thank President Trump for the full support he and his administration have shown for this project, as it brings the United States one step closer to energy dominance. When President Xi visited Anchorage six months ago, he shared with me his desire for deepening the mutually beneficial ties between China and Alaska. I thank him for expediting that vision to reality. I especially thank Commerce Secretary Wilbur Ross and his team for their strong belief in the Alaska LNG project, and all of the hard work they put into making this day happen.

“I also thank the Alaska Legislature for staying the course in funding the Alaska Gasline Development Corporation so the state could reach this historic milestone. Additionally, I thank BP, ConocoPhillips and ExxonMobil for recognizing the potential benefits to the State of Alaska when they offered in February of 2016 to transition the lead of the project to the State. AGDC President Keith Meyer, his staff and board members have worked tirelessly since that transition to bring Alaska to this point with the market. I thank them for their countless hours and sleepless nights.”

The joint development agreement was signed by the State of Alaska, AGDC and three of the largest Chinese energy and finance companies—Sinopec, Bank of China and China Investment Corporation.

  • Sinopec, one of the largest oil and gas companies in the world, generates $456 billion in annual revenue.
  • Bank of China is one of the five largest banks, with clients in more than 50 countries and regions.
  • With an estimated $813.5 billion, China Investment Corporation is the world’s third largest sovereign wealth fund.

“This agreement has all five necessary signatories—the buyer, the lender, the investor, the developer and the state,” Governor Walker said. “This is a big project with big players and big benefits. There are more steps before a final investment decision is reached, but having the largest LNG buyer in the world participating in this project means the Alaska LNG project has favorable market engagement at the highest level. This project will finally allow Alaska to reach its full potential as a state. As we move from having one of the highest unemployment rates in the country to the lowest, we will build a Stronger Alaska.”

Read More: Alaska Economic Trends November 2017

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