New Orleans CEO of American Ethane signs $26 billion gas deal with Chinese company
New Orleans – The CEO of American Ethane Company has entered into a $26 billion contract with China’s Nanshan Group.
CEO and New Orleans attorney John Houghtaling signed the agreement in Beijing on Thursday, which was witnessed by President Donald Trump and Chinese President Xi Jinping.
Houston-based AEC is an international exporter of liquid ethane. The company says it will deliver ethane gas from a terminal it’s developing on the Texas Gulf Coast to a new ethylene plant in China over a 20-year period. Construction is set to begin in early 2018 and finish in 2020.
Thousands of jobs are expected to be created in both countries.
American Ethane Company’s deal was one of 37 major agreements signed this past week between U.S. and Chinese companies around President Trump’s visit to Asia.