November 9, 2017 / 7:49 AM / a month ago

RPT-UPDATE 1-China Energy Investment signs MOU for $83.7 bln in West Virginia projects

(Repeats to additional subscribers)

* Announcement part of Trump’s state visit to China

* Marks first big foreign investment for newly-formed China Energy

* Investment would be over a 20-year period

BEIJING, Nov 9 (Reuters) - China Energy Investment Corp, the world’s largest power company by asset value, has signed a memorandum of understanding to invest $83.7 billion in shale gas, power and chemical manufacturing projects in West Virginia, the U.S state’s Department of Commerce said on Thursday.

The MOU comes as part of U.S. President Donald Trump’s state visit to Beijing.

It marks the first major overseas investment for the newly founded China Energy, which formed from the merger of China Shenhua Group, the country’s largest coal producer and China Guodian Corp, one of China’s top five utilities.

The agreement also underscores China Energy’s ambition to diversify its business into natural gas and the refining sector.

The touted investment would over a 20-year period cover projects for power generation, chemical manufacturing and the underground storage of liquefied natural gas, West Virginia said in its announcement.

Reporting by Meng Meng and Josephine Mason; Editing by Christian Schmollinger and Joseph Radford

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