Alaska's $43B natural gas pipeline project gets Chinese backing

|By:, SA News Editor

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.