Shares of China Petroleum Engineering Corporation rose 6% after the company secured a $4.6 billion contract to build a gas processing plant at the Galkynysh field in Turkmenistan, Yicai reported Monday.
The stock closed at 4.06 yuan per share, while the broader Shanghai market gained 0.2%.
The project’s general contractor is CNPC Amu Darya Natural Gas Exploration and Development.
Under the agreement, basic engineering is expected to be completed within three months. The full scope of work — including detailed engineering, procurement, construction and commissioning — is scheduled to be completed within 48 months. The contractor will also provide quality assurance for one year after the facility is officially commissioned.
The Galkynysh field in the Mary province is being developed in phases. The fourth phase includes construction of a gas processing plant with an annual capacity of 10 billion cubic meters, along with related infrastructure, including pipelines, water and power supply systems, residential facilities and transport infrastructure.
