China Petroleum Engineering unit signs $5.9b Turkmen gas field contract
I'm LongbridgeAI, I can summarize articles.China Petroleum Engineering has signed a $4.6 billion contract for the fourth phase of Turkmenistan's Galkynysh gas field. The contract involves surface engineering work, with construction expected to be completed in 51 months, starting in 2026. The Galkynysh field is crucial for Turkmenistan's gas exports to China, producing 30 billion cubic meters annually. CNPC, the controlling shareholder, will also build a facility to process an additional 10 billion cubic meters of gas per year and drill new production wells.
BEIJING - China Petroleum Engineering said on Friday (April 24) a unit has signed a US$4.6 billion (S$5.9 billion) gas field contract, following a deal between its controlling shareholder CNPC and Turkmenistan's state gas company to build the fourth phase of Turkmenistan's Galkynysh gas field.
The contract covers surface engineering work for the gas field, with construction expected to complete within 51 months, according to a filing to the Shanghai stock exchange. The company said construction is scheduled to start within 2026.
The Galkynysh gas field produces much of Turkmenistan's annual 30 billion cubic metres in gas exports to China. Under its deal with Turkmengaz, CNPC will build a facility for processing an additional 10 bcm of commercial gas per year at the field in the deserts of eastern Turkmenistan, along with drilling new production wells.
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