CDB provides $4.1 billion loan for Phase 2 of Galkynysh Gas Field Project (Linked to Record ID#40393)

📋 Staff Comments

1. This project is also known as the South Yolotan–Osman Field Project and the Ioujno-Elotenshoie Gas Field Project. The Russian project title is Газовое месторождение Галкыныш.
2. Some sources refer to a supplementary agreement covering CNPC's exploration and production activities at Bagitiyarlik, where the company had a license to produce up to 30 Bcm/year, and a separate contract through which Turkmengaz agreed to deliver 10 Bcm/year to CNPC.
3. The price at which the natural gas was sold to PetroChina in unknown. This issue warrants further investigation.
4. Some sources suggest that the CDB loan for Phase 1 was worth $3 billion rather than $4 billion. However, the official annual reports from the State Bank for Foreign Economic Affairs cites the value ar $4bn in 2009.
5. Some sources (e.g. https://www.yicai.com/news/2987178.html and http://paper.people.com.cn/zgnyb/html/2013-09/09/content_1295847.htm) suggest that the CDB loan for Phase 2 was issued in September 2013 rather than April 2011. Official Annual Report for 2011 mentions the loan agreement in 2011 at $4.1bn (p. 8). This issue warrants further investigation.
6. The 2009 CDB loan's interest rate (4.8426%) and the 2011 CDB loan's interest rate (4.8855%) are drawn from the World Bank's Debtor Reporting System (see https://www.dropbox.com/s/ab8qt4n6jijcbhd/IDS_Average%20interest%20on%20new%20external%20debt%20commitments.xlsx?dl=0).
7. The 2009 CDB loan's grace period (4.4622-years) are drawn from the World Bank's Debtor Reporting System (see https://www.dropbox.com/s/949n5rctiue6d7c/IDS_Average_grace_period_and_maturity_on_new_external_debt_commitments.xlsx?dl=0).
8. The April 2006 intergovernmental framework agreement between the Government of Turkmenistan and the Chinese Government regard the Central Asia (Turkmenistan-China) Natural Gas Pipeline Construction Project can be accessed in its entirety via https://drive.google.com/file/d/1QN6NDEerebTPViLbWdQKtMp9i0GhjUAR/view.

📚 Sources & References

• 南约洛坦百亿立方米产能项目投产
• 中国石油承建的复兴气田南约洛坦项目竣工投产
• 中亚天然气出口途径
• 中亚产气国努力开拓中国新市场
• 土库曼斯坦已成为欧洲天然气项目的关键因素
• China asserts clout in Central Asia with huge Turkmen gas project
• China to support further development of Turkmenistan's largest gas field
• China to provide new loan to Turkmenistan for Galkinish gas field
• Turkmenistan
• China Reach New Energy Deals
• China lends Turkmenistan 4 billion dollars for gas field
• China lends Turkmenistan $4 billion for gas field
• China & Turkmenistan Ink USD4.1bn Loan-for-Gas Agreement
• China's Global Energy Finance
• Central Asian and Caspian Gas Production and the Constraints on Export
• Turkmenistan Emerges into the World Of China’s Belt and Road Initiative
• Galkynysh Gas Field PhaseII
• Fossil fuel exploration subsidies: China
• 中石油阿姆河天然气项目二期工程开工土总统出席奠基仪式
• 中石油承建的土库曼斯坦最大天然气田二期开发启动
• Second phase of development of Turkmenistan’s largest gas field begins
• 外汇中长期项目贷款
• A s h g a b a t
• B e i j i n g s i g n d e a l s t o e x p a n d T u r k m e n g a s e x p o r t s t o C h i n a
• 中国将从土库曼斯坦购买更多能源
• 中土就每年供200亿立方天然气达成共识, 2011 Annual Report State Bank for Foreign Economic Affairs of Turkmenistan
• China's Global Energy Finance
• 土库曼斯坦欲从中国寻求41亿贷款建大型天然气田
• 王岐山会见土库曼斯坦总统特使霍贾穆哈梅多夫, 2010 CDB Bond Prospectus
• China asserts clout in Central Asia with huge Turkmen gas project, 《人民日报》：新疆：金融合作激发“丝路经济带”活力
• Galkynysh Gas Field
• 中国与土库曼斯坦签署41亿美元贷款换天然气协议
• 国家开发银行参与“一带一路”清洁能源投融资
• No. 2 Gas Processing Plant of Amu Darya project becomes operational and the EPC project on the Galkynysh Gas Field starts
• Inside China
• Inc: China Development Bank’s Cross-Border Energy Deals, c2019
• 土库曼斯坦2018
• 土库曼斯坦
• China Striving to Boost Energy Imports from Turkmenistan
• BU_PITCH_ENGLISH_2018
• Plunge In Oil Prices Deals Another Blow To Kazakhstan
• Turkmenistan
• Inside China
• Inc: China Development Bank’s Cross-Border Energy Deals
• Central Asia–China Gas Pipeline (Line A
• Line B, and Line C)
• 中石油：土库曼斯坦2020年对华年供气可逾650亿方
• Turkmenistan fully repaid loans from China allocated for the implementation of gas projects
• The President of Turkmenistan launched the construction of new wells at the Galkynysh gas field
• Oil and gas complex of Turkmenistan: investment in infrastructure and innovation
• 土库曼斯坦总统：已还清建设天然气设施借的中国贷款
• 土库曼斯坦：已按时全额还清中国贷款，此前用于修建天然气管道
• China – Turkmenistan Intergovernmental Agreement (IGA)
• 我天然气进口再添重要保障
• 土库曼斯坦阿姆河天然气项目建设回眸
• 聚焦“一带一路”能源合作10周年⑦·走进中亚
• Turkmen State Gas Company Pays Off Its Debt to China
• China Development Bank’s oil loans Pursuing policy – and profit
• TEIF 2025: Galkynysh – Ambitious Plans for the Phased Development of Turkmenistan’s Largest Gas Field Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.