China Energy Investment Corporation, world’s largest power company by asset value, has signed MoU with West Virginia Department of Commerce committing 83.7 billion worth of investment in chemical manufacturing projects and shale gas development in the mountain state of West Virginia (WV). The agreement was the largest among a slew of projects signed during the U.S. President Donald J Trump’s state visit to China.

The MoU was signed by China Energy President Ling Wen and West Virginia Secretary of Commerce H. Wood Thrasher in the presence of US President Donald J. Trump and Chinese President Xi Jinping as part of the US-China Business Exchange trade mission last week to enhance relations between the two countries. The total investment that the US Corporations and other US states have signed is estimated to be about US$ 250 billion.

Planning for the projects is underway and will proceed in phases over the course of 20 years. The projects will focus on power generation, chemical manufacturing, and underground storage of natural gas liquids and derivatives. The plans clearly demonstrate a total value chain approach, integrated from raw materials through the production of useful chemical intermediates locally.