CNPC Invests Over $9.4 Billion in Turkmenistan

CNPC Invests Over $9.4 Billion in Turkmenistan
International forum on attracting foreign investment in the energy sector of Turkmenistan, April 26-27, Dubai, UAE (Photo: Dragonoil)

The Chinese National Oil and Gas Corporation (CNPC) has invested more than $9.4 billion in Turkmenistan within the framework of the Bagtyýarlyk contract area, CNPC President Wang Guihai announced at the International Forum on Foreign Investment in the Oil and Gas Industry of Turkmenistan in Dubai on April 26-27.

According to the message, total exports of Turkmen natural gas to China during the years of cooperation exceeds 360 billion cubic meters, which is worth tens of billions of U.S. dollars in price terms.

Further, Wang Guihai reported that the corporation exports 13 billion cubic meters of gas annually, pays $1.2 billion in taxes, and has invested $26 million in social projects, creating tens of thousands of jobs.

Moreover, Chairman of Türkmengaz Batyr Amanov said the country will increase natural gas supplies to China to 65 billion cubic meters per year after commissioning the fourth line of the pipeline, which will run from the border of Turkmenistan through the territories of Uzbekistan, Tajikistan, and Kyrgyzstan.

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