Representatives from about 40 companies are expected to accompany President Donald Trump on the first presidential trade mission to China Nov. 8-10 and sign deals for billions of dollars in U. S. investments.
Representatives from about 40 companies are expected to accompany President Donald Trump on the first presidential trade mission to China Nov. 8-10 and sign deals for billions of dollars in U. S. investments.
One of the biggest deals the Trump administration is currently negotiating is a multibillion-dollar energy investment from Chinese oil and gas giant China Petroleum & Chemical Corp. that would bring thousands of new jobs to hurricane-ravaged areas in Texas and the U. S. Virgin Islands. Many of the deals, including the China Petroleum investment, are expected be in the form of nonbinding memorandums of understanding, not contracts.
Among the companies tentatively approved to go on the trade mission to China are General Electric Co., Honeywell International Inc., Westinghouse Electric Co., Alaska Gasline Development Corp., the Boeing Co. and Qualcomm Inc. The companies represent a variety of sectors from life sciences to heavy machinery and are expected to also include Cheniere Energy Inc., Terex Corp., Thermo Fisher Scientific Inc., Applied Materials Inc., Caterpillar Inc. and Blackstone Group .
Details of the project in the hurricane zones in Texas and the Virgin Islands are yet to be finalized, but the Chinese company, known as Sinopec, is expected to partner with ArcLight Capital, a Boston-based infrastructure investment firm, and Freepoint Commodities LLC, a Connecticut commodity trading firm. The deal is expected to be worth more than $7 billion in investments in the U. S. 700-Mile Pipeline
The project would include construction of a 700-mile pipeline from the Permian oil field in western Texas to the Gulf Coast, as well as a storage facility there. Separately, Sinopec would expand the existing oil storage facility known as Lime Tree in St. Croix, according to a person familiar with the proposal.
The deal will still need final approval from officials in both the U. S. and China.
But all of these development deals may provide a political boost to the U.
