BEIJING - China Petroleum Engineering said on Friday (April 24) a unit has signed a US$4.6 billion (S$5.9 billion) gas field contract, following a deal between its controlling shareholder CNPC and Turkmenistan's state gas company to build the fourth ​phase of Turkmenistan's Galkynysh gas field.

The contract covers surface engineering work for the gas field, with construction expected to complete within 51 months, according to a filing to the Shanghai stock exchange. The company said construction is scheduled to start within 2026.

The Galkynysh gas field produces much of ‌Turkmenistan's annual 30 billion cubic metres in gas exports to China. Under its deal with Turkmengaz, CNPC will build a facility for processing an additional 10 bcm of commercial gas ​per year at the field in the deserts of eastern Turkmenistan, ​along with drilling new production wells.