China took steps toward its first investment in U.S. liquefied natural gas as one of its energy giants agreed to advance a $43 billion project that’s been years in discussion and already sidelined by American majors.
China Petrochemical Corp., known as Sinopec Group, signed a joint development agreement with Alaska Gasline Development Corp. on the plan to pipe gas from the state’s northern shore to a proposed liquefaction terminal in the south, where it would be shipped abroad. The state of Alaska, China Investment Corp. and the Bank of China Ltd. also signed the agreement.
