Turkmen President Serdar Berdimuhamedov has signed a decree establishing the state enterprise Galkynyshgaz within the state-owned company Turkmengaz, the Neutral Turkmenistan newspaper reported.
The state enterprise is being created "for the purpose of successfully achieving the objectives set for the country's oil and gas industry and developing the fourth phase of the Galkynysh gas field," the decree states.
Turkmengaz is instructed to establish, in the prescribed manner, a subordinated self-supporting state-owned enterprise and to draft and approve a charter for the enterprise.
Turkmengaz and CNPC Amudarya Petroleum Company Ltd, a subsidiary of China National Petroleum Corporation (CNPC), signed a contract on April 16 on the turnkey construction of Phase IV development of the Galkynysh gas field. CNPC Amudarya Petroleum will design and build facilities to treat 10 billion cubic meters of commercial gas per year and production wells sufficient for processing this amount of gas.
Construction for Phase IV was launched on April 17.
Turkmengaz is the main operator in the development of the Galkynysh field, which holds more than 27 trillion cubic meters of natural gas. The field is being developed in stages with the involvement of major international oil and gas companies and service contractors.
