China-US trade war continues to escalate National Energy Group cancels investment in US$83.7 billion

National Energy Group executives canceled plans to visit West Virginia this week to discuss investment in US$83.7 billion, which is the latest victim of the escalating Sino-US trade war.

In November last year, US President Donald Trump signed a series of agreements during his state visit to Beijing. National Energy Group will invest $83.7 billion in West Virginia's shale gas and chemical production projects. The largest single series of US investment projects with a size of $250 billion!

Brian Anderson, director of the Energy Research Institute at West Virginia University, told reporters on Wednesday that the National Energy Group leaders and their delegations should arrive in West Virginia last weekend and discuss investment in shale gas, power and petrochemical projects with state official location. However, due to the Sino-US trade war, the trip was cancelled.

A reuters reporter said that it was unable to immediately contact the National Energy Group to comment on this.

The original Chinese delegation is scheduled to attend the NortheastU.S. PetrochemicalConstructionConference in Pittsburgh on Tuesday.

The Natural Gas and Power Agreement is one of the agreements signed by Trump to visit Beijing. This is the first overseas investment after the merger of Guodian Group, one of China's largest coal companies, and Guodian Group, one of the top five power companies.

The Trump administration announced last week that it would impose a $50 million tariff on Chinese goods, and China may take a counter-attack on more tariffs on US energy exports.

Last year, West Virginia’s annual GDP was less than $83 billion, and Chinese investment could have improved the status quo.

West Virginia Governor Jim Ben is a Trump ally who has said that the investment agreement will stimulate the economically troubled natural gas and petrochemical industries and create jobs.

In his campaign for the presidency, Trump focused on West Virginia and its coal miners. He promised to create jobs for laid-off miners, revitalize the coal industry, and reverse the economic downturn.

Anderson refused to answer whether he was worried that trade friction would jeopardize China's energy investment, but he said he has been in touch with Trump.

Hydrocarbon storage and trading centers such as Appalachian's ethane and butane, as well as two power plants in the state, are considered in this investment project. The West Virginia Chamber of Commerce and the Coal Association are closely watching the developments between Washington and Beijing.

Republican Senator Mark Drennan of the West Virginia Senate believes that this originally promised investment is likely to leverage this trade dispute and spur China to win. “They (National Energy Group) spent a lot of time and energy in West Virginia, and I hope that (visiting the itinerary) will be restarted.”

Anderson has been coordinating the visit of the Chinese delegation. He is optimistic that for a 20-year investment agreement, the trade dispute will eventually be a "speed bump" in long-distance travel.

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