In 2017, former Gov. Bill Walker signed agreements with three large enterprises owned by the communist Chinese government; Sinopec was one of them.
The joint development agreement signed by Walker and Sinopec, the Bank of China, and China Investment Corporation, would lead to a China-built Alaska gasline, long a dream of Bill Walker, with contracts for Sinopec.
Last Friday, five of China’s largest state-owned companies, including Sinopec, said they will voluntarily remove themselves from U.S. stock exchanges rather than have transparent accounting, as required. Delisting can be voluntary or involuntary, but usually results when a company ceases operations, declares bankruptcy, merges, does not meet legal requirements, or decides to go private. Sinopec trades on the Hong Kong and Shanghai stock exchanges, as well as New York.
The move by Sinopec, PetroChina, China Life Insurance, Aluminum Corporation of China, and Sinopec Shanghai Petrochemical comes at a time of deteriorating relations between China and the United States. Sinopec is one of the largest oil and gas developers in the world, generating $456 billion in annual revenue and employing 385,691 workers.
But for Walker, the joint development agreement for Alaska’s gasline was nothing but opportunity for Alaska.
“This agreement has all five necessary signatories—the buyer, the lender, the investor, the developer and the state,” Walker said in 2017, as he announced the deal with the communist Chinese. “This is a big project with big players and big benefits.”
Walker, who won his election in 2014, took the gasline in a different direction than former Gov. Sean Parnell had. Parnell wanted private company investment, but Walker dismissed that direction, quickly nationalized the gasline and then started making deals with China and the Chinese-owned companies.
Before taking office, Walker said, “The fatal flaw of what [Parnell] is doing is, again, again, he has put control of Alaska’s future in the hands of companies that have competing projects around the world.”
Communist China President Xi JinPing had visited Walker in Alaska in 2017 in a refueling stopover from a trip to Washington, D.C., after which Walker stated that Alaska’s relationship to China “is almost a personal thing. The time we spent here with President Xi and Madame Peng was a very close experience. It is a really important relationship at this time between the state of Alaska and China and a great opportunity for both.” Walker visited China three times during his governorship, cutting various deals and signing various agreements.
In 2017, Walker had in hand a memorandum of understanding with China that included financing, building, and sales in a trade deal that would sell $1 trillion of natural gas to China over the next 100 years.
“I ran for office because I’m a hunter of opportunities for Alaska. The opportunity with China really fits into my passion and my goals for Alaska,” Walker said in 2018. “I’m looking forward to developing this incredible relationship.”
Gov. Dunleavy canceled all the deals when he came into office at the end of 2018.
Since leaving office, Walker has formed a new company to build a large-volume pipeline to export North Slope natural gas, trying to wrest control of the project from the Alaska Gas Development Corporation, the state-owned entity in charge of the gasline development.
As for Sinopec, according to Barron’s publication, there has been a long-running dispute with the U.S. stock exchanges over the auditing of Chinese companies, “with China pushing back on external regulators examining audits of local firms.”
The communist Chinese cited national security and confidentiality concerns over the independent audits. In 2021, the Securities and Exchange Commission finalized rules stating that foreign companies trading on U.S. exchanges would be required to submit financial statements with their filings, and those reports had to be compliant with U.S. accounting standards. Some Chinese companies refused to do this and are now voluntarily de-listing rather than see their companies forced off the exchanges.
The Holding Foreign Companies Accountable Act was passed by Congress in 2020, after Chinese regulators repeatedly denied requests from the Public Company Accounting Oversight Board to inspect the audits of Chinese firms that list and trade in the United States, according to a story at CNBC. The board was created in 2002 to oversee the audits of public companies, including foreign companies trading on the U.S. exchanges.
I am a “Hunter of opportunity“ he says. The only way he would have got this to happen is if he would have involved Hunter.
Outstanding article, Suzanne. This speaks to the heart of the matter asserted over Bill Walker’s re-newed candidacy for governor. Walker’s five signatories did not include the identity of the most important player, “the people” of the State of Alaska, who incidentally, would be left out of negotiations in a giveaway of our resources. Walker’s Big Government approach to broker a deal with the Communist Chinese shows his clear lack of understanding of how business is conducted with the Chinese. It’s not WE win-win. It’s THEY win-win. Walker is a greedy man, knowing that he personally stood to gain great monetary benefits as a governor/ broker, while ignoring the jeopardy Alaskans would face in such a risky venture with untrustworthy communists. Walker is an ignorant man. And, Walker was willing to sacrifice Alaska’s resources and the long-term management of it’s crown jewel to our enemy. Further, the national security repercussions of dealing with the communists would potentially emperil our entire country. The Chinese were laughing at Walker for being a an abject fool and careless state leader. The photo that accompanies this story is graphic proof. Walker bows to his Chinese master while the Chinese look on and think to themselves,
“What a subservient sucker we have found.”
.
Anyone who votes for Walker this fall is also a blind sucker, willing to be led by an arrogant fool.
Marla, your comment drips with vitriol. You do realize that Alaskans overwhelmingly voted for the SOA to take a lead on getting the gas line built? Or did you not live here then?
Our national security is threatened by massive trade deficits. Trump has this point right. Selling billions of dollars of gas to China would reduce our massive trade deficit with China by billions of dollars.
While the pollution that comes to Alaska through the wind from the numerous Chinese coal power plants may not harm national security, it does pollute our land, animals and water- and the people who eat those fish and animals. Reducing the number of Chinese coals plants- by getting them on cleaner natural gas is certainly a win for us.
Finally, show us any agreement where Walker- or any Governor would be paid extra for getting a gas line built. Back up your claims.
Wow! M, you are an ignorant (person). Have you not traveled much? Have you been to China? Have you dealt with the Chinese? Do you understand contract law? How about international contract law with the Communist Chinese?
.
Marla makes valid points, even if vitriolic. Her point being, as I understand it is this:
Why would we deal away our resources, with ownership and management control, to a people who want to defeat us, militarily and economically?
.
I agree with Marla. You sound like a government bureaucrat, or a Democrat, who thinks that bowing to communists is somehow a good thing for our country. I guess if you think like Joe Biden, influence peddling from the top, will put you into rich digs, and to hell with the rest of the country. Bill Walker seems like the kind of man who is more interested in helping himself and his cronies, rather than helping Alaskans.
Ted, come on, at least try to be civil.
To your points. We would be selling natural gas to China- or any other market that will buy it. We can not give up control of our resources- by the Alaska Constitution. Read Article VIII some time. Our Constitution says the natural resources belong to the people and must be sold for maximum benefit for Alaskans. We could not give up control even if we wanted to.
I do understand contract law. A contract with any legal party, for a legal purpose is valid- and would be enforced in US courts. It does not matter if the contract is between Alaska, Japan, or China.
I asked Marla to present facts, the same goes for you. Show us any agreement where Walker or any other governor is going to get rich.
For the record, I’ve always been a private sector person, and I despise Joe Biden. But I also know trade can be a good thing. I’ll repeat: The USA has a multi hundred billion dollar trade deficit with China. Selling China Billions of dollars of clean gas reduces the trade deficit- and that is a good thing.
Millions of barrels of Alaskan oil have been sold to China. Where’s the vitriol? Selling China gas is no different.
Selling gas to China will increase the size of the Permanent Fund- and that is a good thing too.
Now, question for you. Do you visit Walmart? Walk the aisles and note the thousands of products made in China. We need to sell goods to the Chinese to reduce the trade deficit. Or would you suggest we end all trade with China?
M,
Thank you for bringing up pollution caused by Chi-Com industrial activity and how it gets swept to Alaska.
I wonder however if Putin has negated our Gas Market to China in light of that Ukraine war sanction thing ?
Word is Putin is moving forward with transporting his vast gas reserves to the Chi- Coms.
Looks like we lost that deal.
Oosik- you are correct, we have a terrific opportunity. Europe should be buying natural gas from the USA and not Russia. Merkel sabotaged Germany by inking gas deals with Russia while shutting down nuclear power plants. Now Germany is in real trouble.
If we could get ice breaking LNG tankers to carry LNG from the North Slope to Europe we could do the ourselves and our NATO allies a real service. (Mead Treadwell has been working this idea for some time.)
As far as the Chinese pollution goes- its really, really bad. Coal combustion emissions carry (in the PPM range) all sorts of toxic, heavy metals. This even includes uranium, strontium and their radioactive isotopes. This is why a coal power plant releases more radiation than a nuclear power plant. See the ORNL work by Dr. Alex Gabbard if you want to read more.
M gets a solid F for her/his lack of understanding how business/management operates in Communist China. There is no ownership other than what the State owns ….which is everything. Since natural gas is a fungible raw resource, it can be purchased worldwide on many markets. Alaska’s gas is too difficult to transport to market without a high price tag, thereby making it non- competitive on global markets. The Chinese would insist on ownership/ management of a pipeline if they invested in it to get the resource to their market. With the Chinese strong interests in military and economic dominance, coupled by their new pursuits in the Arctic region, it would be foolhardy to sign contracts with them to get the gas out if Alaska. Bill Walker was a misinformed fool to try and do this. Some would even say he was negotiating as a traitor to our enemy.
Read MRAK’s new article on Donna Walker.
Cash in American currency, the old-fashioned way. The Walkers are both crooked, and any further natural gas discussion used to support Bill Walker’s candidacy is a fool’s errand. Gas giveaway to the Reds and pipeline investment money in exchange for ownership and control is like inviting the Reds into your home without possibility of unlawful detainer or an eviction writ of execution. No more DUMB governors in Alaska, please.
You obviously have no idea what unrestricted warfare is. The CCP (Chinese Communist Party) has declared unrestricted warfare upon America. They are attacking us at every possible avenue. They were involved with the development of COVID-19. A Bio-weapon that killed many people and devastated our economy. They have infiltrated our government by compromising us to corrupt politicians like Biden, McConnell and many others. They have infiltrated our colleges and education system undermining our western values. They us software like TikTok to spy on and collect data on Americans. They are an evil international criminal organization that will stop at nothing to destroy western civilization. You obviously need to do your homework because Walker was working with these communists to sell our energy to them and allow them to finance and build the gas line. What do you think it would take to do business with people that are trying to destroy you? Do you honestly think they would make a deal that benefits us more than them? You obviously have no idea what a communist is, do you? Walker would have sold us out to the CCP either out of complete ignorance or to benefit him personally. That is the only reason to work with communists. Just ask Hunter Biden and his dad how lucrative it can be to sell your soul to the devil.
M Johnson,
As a veteran who served during the cold war, I certainly do understand communism. I was very glad when the USSR folded.
Almost everything you write about China is true. Problem is, we are trading with them. Our trade deficits benefit China, not the USA. We can stop trading with them. (Not going to happen.) Or we can sell them stuff. Right now we are selling China oil. (Alaska oil.) The world has not stopped spinning on its axis.
The massive trade deficit we have with China does threaten our national security. How do you think China funds all the bad stuff they do?
Right now our gas is sitting in the ground. Its not doing anything for us. If we sold that gas- the CH4 does not care if its sold to Japan or China. We can then place the money we earned from selling that gas into the Permanent Fund. It would then grow at (hopefully) a compound rate of return.
Or we can leave it in the ground and allow the massive trade deficits we have with China to continue.
I do wonder if you hate Walmart, and Home Depot, and Lowes, and the thousands of other companies that bring in goods from China that you buy. Are you boycotting these companies?
Doing business deals with the communist Chinese government is just a bad idea all around. Even more so, when the product is a natural resource that is vital to our survival. Communist governments cannot be trusted in any way shape or form as they seek to dismantle and reshape our great nation for we stand for all the things they despise. Since they can’t take on us head on, they do it surreptitiously, through legal means, taking one inch at a time. They hate our way of life and what better way to destroy us than to change us and divide us from within? Sadly, a lot of our elected leaders fail to see this and will sell their souls to the highest bidder, regardless of the end results.
The Chinese Communist Party is not impervious to earning the rewards due for a God ignoring pattern of business practices. Merely approving of one’s own activity does not guarantee a positive outcome since God is over all and God fights the wicked and those willfully ignorant of HIS natural laws for the meek. Study to show yourself approved unto God a workman with nothing to be ashamed of.
Walker is thankful for ranked choice voting.
Gosh, I would think that a crew like the Chinese would find a way to get lots (and lots) of cash to people that have shown a willingness to support their interests.
How many millions of dollars has Walker and/or his family made over the years promoting the gas line???
China Walker is crock and a thief, he is only interested in what is in it for him, I sure hope voters can see through his BS.
Don’t forget this maggot’s strident push for a state income tax that would cripple the producers and reward the non producers. It’s frightening to think he’s running for governor again in this balked economy!
As far as I can tell, that MOU is still in effect. Cheers –
Clearly most people don’t understand the Chinese Belt and Road phenomenon. It’s classic mafia, but more effective.
The Chinese come in and build infrastructure. They charge a vig so high most debtors can’t pay. Then the Chinese “ foreclosure” and take everything.
Didn’t Bill Walker hand over $500 million to TransCanada after he terminated the contract awarded to them by Gov. Palin under the Alaska Gasline Inducement Act? Then he immediately began negotiating with Sinopec, which had lost the bid for the original AGIA project.
Democrats/Libs love the Chinese. Cheap overseas labor, laboratories with no oversight, no regulations or nasty emissions to deal with. The money flows into various non profits and foundations where vast amounts of it are laundered and go back to said Democrats.
Interesting discussion and article. Of course, the Chinese are also buying American farmland, and much of it near American bases. And yes we do trade with them. As a matter of fact, even in the midst of WWII some of our CEOs traded with the Germans, necessitating a letter to them from FDR telling them to cease. In the case of the Chinese, we should be exercising more caution. They do foreclose and have in many places in Africa and elsewhere. They are then the owners of the projects. Somewhere, we have to wonder about the effects on National Security. The chance that it could happen here is primary. As far as the Bidens go, they are in it up to their neck, as Hunter’s laptop proved. We really need to bring back manufacturing here in the US. We used to make the best tools in the world. We could do that again. A vote for Walker will be a vote for the Chinese to come and resume their projects here. Can we afford that?
As Governor, he ran Alaska like a dictator with major unilateral decisions on Obamacare Expansion and then taking Alaskans’ share of Permanent Fund revenues to pay for bloated government. It saddens me that so many Alaskans would vote for a person who tried to give Alaska to the Chinese.
If China is going to finance the gas line and operate it how much of what they sell to China will be charged and paid to the operator of the gas line. China will not finance it for nothing. Which means the money they charge will be going back to the CCP. What percentage will they get on the sale of the gas? Nothing IS FREE!
Comments are closed.