The Latest: China gets bulk of Alaska gas in pipeline plan

Markets Associated Press

The Latest on the agreement between Alaska and interests in China to advance a natural gas pipeline project (all times local):

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10:50 p.m.

China would receive 75 percent of the natural gas from Alaska's North Slope if a pipeline is built under an agreement signed Thursday in Beijing.

Alaska Gov. Bill Walker signed the agreement with Sinopec, Bank of China and China Investment Corp. to advance a natural gas pipeline project. There's no guarantee a pipeline will be built, but the agreement has given new life to a project Alaskans have wanted for decades to offset declining oil production from the North Slope.

If everything goes as planned, final agreements will be signed by the end of 2018 and the pipeline could be operational by 2024 or 2025.

Alaska would retain the remaining 25 percent to sell to regional markets in Asia, like Japan, South Korea and Vietnam.

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9:50 p.m.

The speaker of Alaska's House of Representatives is hailing an agreement between the state of Alaska and petrochemical and banking leaders in China to advance a liquefied natural gas project.

Rep. Bryce Edgmon says an initial read of the agreement is encouraging for the thousands of Alaskans who have never given up on a project.

Alaskans for years have sought a pipeline that would take natural gas from the North Slope to the coast, where it would be liquefied and shipped to Asia. The state signed an agreement Thursday in Beijing with Sinopec, China Investment Corp. and the Bank of China to work on the project. The agreement doesn't guarantee a pipeline, but gives the lingering project a jolt of life.

Edgmon says a pipeline project will bring jobs, investment and "a renewed sense of hope that Alaska's best days are ahead of us, not behind."

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8:34 p.m.

The state of Alaska will attempt to advance a multibillion dollar natural gas pipeline project with the help of interests from China.

Alaska Gov. Bill Walker said the agreement signed late Wednesday is with Sinopec, China Investment Corp. and the Bank of China. Financial terms weren't disclosed.

The agreement was signed in Beijing with U.S. President Donald Trump and Chinese President Xi Jinping looking on.

Alaska has long dreamed of building a pipeline that would take the vast stores of natural gas on the North Slope and ship it by pipeline 800 miles to the coast, where it would be liquefied and shipped to Asia.

Alaska had previously had a similar agreement with major oil companies to advance the pipeline, but they backed off and let Alaska take the lead.