Turkmenistan and China Sign 5.1 Billion Gas Field Deal
Turkmenistan and CNPC signed a 5.1 billion dollar deal today to expand the Galkynysh gas field. The deal will add 10 billion cubic meters to annual production.
State energy firms from Turkmenistan and China have officially signed an agreement to commence the fourth phase of development at the Galkynysh gas field. This project is expected to significantly increase the production and export of Natural Gas from the Central Asian nation. Under the terms of the deal, the China National Petroleum Corporation (CNPC) will build a new facility to process 10 billion cubic meters of commercial gas per year and drill additional production wells.
Maksat Babaev, the head of Turkmengaz, stated that the expansion will cost approximately $5.1 billion. According to government sources, Turkmenistan will entirely finance the project, which is designed to serve both the domestic market and international export routes.
