China is turning to ExxonMobil to help meet its insatiable appetite for cleaner energy as the country moves away from coal.
Despite lingering trade tensions between Washington and Beijing, Exxon on Monday announced a 20-year agreement to send liquefied natural gas to China. The deal calls for China's Zhejiang Provincial Energy Group to purchase 1 million metric tons of LNG per year from Exxon, America's largest energy company. Exxon did not say whether the LNG, which is super-cooled natural gas that can be shipped, will come from the United States or one of its overseas projects.
The cleaner-burning fossil fuel is gaining market share in China as the country shuts down older coal plants that have contributed to pollution."By substituting coal for LNG, they are trying to help alleviate the environmental problems they've had," said Joseph. China is also leaning heavily on solar and wind power as cleaner, and sometimes cheaper, alternatives to coal.
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