The Chinese National Petroleum Corporation – CNPC will act as a platinum partner of the International Forum on Attracting Foreign Investments in the Energy Sector of Turkmenistan, which will be held on April 26-27 in Dubai (UAE).
CNPC carries out its activities related to investment in the oil industry in 38 countries around the world. The participation of the company in the forum is an important event, as it is one of the largest investors in the oil and gas projects of Turkmenistan.
China has a strategic interest in the development of the oil and gas industry of Turkmenistan, since the country is one of the largest exporters of natural gas in the world. China, in turn, is one of the largest buyers of gas from Turkmenistan.
In general, the participation of CNPC in the forum underlines the important role of Turkmenistan as a potential supplier of energy resources in the international market, and also shows the interest shown by China in continuing cooperation with Ashgabat.
CNPC’s activities are focused on exploration and development of oil and gas fields, oil refining and chemical industry, sale of petroleum products, storage and transportation of oil and gas.
On July 17, 2007, the State Concern “Turkmengas” and CNPC signed a Production Sharing Agreement for the contractual territory “Bagtyyarlyk” and a Contract for the purchase and sale of natural gas. According to these documents, within 35 years, the Chinese corporation will carry out full-scale work on the exploration, development and production of natural gas in the Bagtyyarlyk contract area.
For 13 years, CNPC has invested more than 8 billion US dollars in the development of fields in this contract area.
At the moment, there are three branches of the Turkmenistan-China pipeline – lines A, B and C. In the future, the laying of line D is planned. Since the launch of the gas pipeline, the total growing volume of natural gas exports has amounted to about 330 billion cubic meters.
CNPC pays great attention to the social component, in particular, acting as a sponsor in large-scale sports projects in Turkmenistan, including the World and Asian Championships. The Chinese corporation also contributes to the provision of vocational education for Turkmen youth in the universities of China.
