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September 5, 2013

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Presidential launch for huge energy project

Source: Agencies | September 5, 2013, Thursday | Print Edition

Chinese President Xi Jinping and his Turkmen host yesterday launched production from the world’s second-largest gas field in Turkmenistan.

“The implementation of this project is a bright testament to cooperation between the two countries in the energy sphere,” said Turkmen President Gurbanguly Berdymukhamedov at the vast Galkynysh (Renaissance) gas field that is being jointly developed with China.

“This is the most powerful complex in the region with a capacity of 30 billion cubic meters of gas a year,” he said.

Speaking at a gas processing plant in the vast Turkmen desert, Xi said: “This is a successful example of cooperation between China and Turkmenistan in the energy sphere. This project will give a powerful impulse to bilateral cooperation.”

By forging a strategic partnership, China and Turkmenistan have unleashed new opportunities for deepening their energy cooperation, he added.

The Galkynysh field is estimated to have up to 21.2 trillion cubic meters of gas and more than 300 million tons of oil.

According to British auditors Gaffney, Cline and Associates, the field is the second-largest gas field in the world.

Turkmenistan is already exporting gas to China via a pipeline whose first stage was completed in 2009. And it plans to more than double exports of natural gas to China in the coming years.

On Tuesday, Xi and Berdymukhamedov presided over the signing of several deals, under which Turkmenistan is set to boost its natural gas exports to China to 65 billion cubic meters per year by 2020, up from 25 billion cubic meters this year, according to Turkmen energy officials.

Last night the Chinese president arrived in St Petersburg in Russia for the eighth summit of the Group of Twenty (G20) due to be held today and tomorrow.

Russian President Vladimir Putin, whose country holds the G20 rotating presidency this year, has listed the key objective of the summit as helping the world economy achieve strong, sustainable and balanced growth.

On the sidelines of the summit, Xi is expected to meet with a number of leaders including Putin, US President Barack Obama and leaders of European and BRICS countries.

 

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