"Galkynysh" Field Stimulates International Exchanges: Shares of Chinese Energy Giant Rise
Shares of China Petroleum Engineering & Construction Corporation (CPECC) rose by 6% following the signing of a $4.6 billion contract for the construction of a natural gas processing complex as part of the fourth phase of developing the "Galkynysh" gas field in Turkmenistan. This was reported by "Yicai" on Monday.
As a result of trading, the company's share price reached 4.06 yuan per share, while it edged up 0.2% on the broader Shanghai stock market.
The general contractor for the fourth phase of the Turkmen field development is "CNPC Amudarya Petroleum Company Ltd." Under the terms, initial design work is expected to be completed within three months. The entire scope of work—including engineering, procurement, construction, and commissioning—is scheduled to be completed within 48 months. Additionally, the contractor will provide quality assurance for one year following the official state acceptance of the project.
The development of the "Galkynysh" field in the Mary province is being carried out in stages. The fourth phase includes the construction of a gas processing plant with a capacity of 10 billion cubic meters of commercial gas per year, along with the creation of pipelines, water and electricity supply systems, housing, and transport infrastructure.
