The state of Alaska has struck a major joint development deal with China on Wednesday to build a natural gas export terminal in the state.

The agreement was signed in the presence of President Trump and Chinese President Xi Jinping during his state visit to China on Thursday, according to the Alaska Gasline Development Corporation, one of the party's to the deal along with the State of Alaska.

“This is an agreement that will provide Alaska with an economic boom comparable to the development of the Trans-Alaska Pipeline System in the 1970s,” said Alaska Gov. Bill Walker.

The development corporation and the state government signed the joint liquefied natural gas, or LNG, development agreement with the state-ran China Petrochemical Corporation, or Sinopec, CIC Capital Corporation, and Bank of China.

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