China CDB Agree Financing for Turkmenistan Gas Fields

Project ID:
43168
Project Description:

4 September 2013 Ashgabat and Beijing have signed a number of deals on development of the supergiant Galkynysh gas field in Turkmenistan and related infrastructure during a visit by China's President Xi Jinping to the Central Asian state Tuesday. The deals are within the framework of previous agreements to boost natural gas supplies from Turkmenistan to China to 65 billion cubic meters/year by 2020. Under the agreements signed Tuesday, China will finance the second stage of development of the Galkynysh gas field, according to a statement posted on the Turkmen government's website. No details on the loan have been revealed. China National Petroleum Corp. said in a statement on its website that state-run Turkmengaz signed a financing deal with China's policy bank China Development Bank for the project. In addition, Turkmengaz and CNPC have inked a contract to design and build a 30 Bcm/year upstream complex for the Galkynysh second stage. The deal includes an engineering, procurement and construction agreement, with construction anticipated to be completed by 2018, CNPC said. 24 September 2013 In early September Gurbanguly Berdymukhamedov and his Chinese counterpart, Xi Jinping, launched the giant Galkynysh gas field. The project had been subjected to several delays, owing to the technological challenges of developing the field. The commencement of production at the field, which has the second largest gas reserves in the world. The announcement that the China Development Bank (CDB) will provide financing to Turkmenistan's state-owned energy company, Turkmengaz, for the second stage of development at Galkynysh will ensure that Turkmenistan will attract sizeable foreign direct investment (FDI) from China for the foreseeable future.Chinese firms, particularly CNPC, will also be heavily involved in the development of the second phase of the field, providing technological know-how. 27 November 2015 Turkmenistan in the near future intends to launch the third phase of development of the Galkynysh gas field and bring the production there up to 95 billion cubic meters of gas, chairman of the Turkmengas state concern Ashirguly Begliyev said. He also said that production facilities with capacity of 30 billion cubic meters of marketable gas per year have been commissioned to date, the second phase of the gas field development with a similar capacity was launched in 2014, and the third phase of the Galkynysh gas field development with capacity of 35 billion cubic meters of marketable gas per year is expected to start at late 2015. As a result, production at this field alone will amount to 95 billion cubic meters of marketable gas per year. In 2013, the Turkmengas state concern implemented one of the grand-scale projects in modern Turkmenistan, the first stage of the Galkynysh field development with capacity of 30 billion cubic meters of marketable gas per year. Investments in this project amounted to $9.7 billion.

Project Details

Official Citation

For academic purposes: Dreher, A., Fuchs, A., Parks, B.C., Strange, A. M., & Tierney, M. J. (2017). Aid, China, and Growth: Evidence from a New Global Development Finance Dataset. AidData Working Paper #46. Williamsburg, VA: AidData.

For other (non-academic) purposes: AidData. 2017. Global Chinese Official Finance Dataset, Version 1.0. Retrieved from http://aiddata.org/data/chinese-global-official-finance-dataset.

Documentation

All fields in the dataset are listed below. Descriptions of each field are taken dataset's Readme file. You can download this file along with the whole dataset at aiddata.org/data/chinese-global-official-finance-dataset

About This Record

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  • project_id

    43168

    Field Definition

    From the dataset Readme

    Unique identification number assigned to every project in the dataset. Within the dynamic, online version of the dataset (at china.aiddata.org), projects can be accessed with their unique identification numbers by using the “Access project by ID” function.

  • title

    China CDB Agree Financing for Turkmenistan Gas Fields

    Field Definition

    From the dataset Readme

    Short phrase describing the nature of a given project

  • description

    4 September 2013 Ashgabat and Beijing have signed a number of deals on development of the supergiant Galkynysh gas field in Turkmenistan and related infrastructure during a visit by China's President Xi Jinping to the Central Asian state Tuesday. The deals are within the framework of previous agreements to boost natural gas supplies from Turkmenistan to China to 65 billion cubic meters/year by 2020. Under the agreements signed Tuesday, China will finance the second stage of development of the Galkynysh gas field, according to a statement posted on the Turkmen government's website. No details on the loan have been revealed. China National Petroleum Corp. said in a statement on its website that state-run Turkmengaz signed a financing deal with China's policy bank China Development Bank for the project. In addition, Turkmengaz and CNPC have inked a contract to design and build a 30 Bcm/year upstream complex for the Galkynysh second stage. The deal includes an engineering, procurement and construction agreement, with construction anticipated to be completed by 2018, CNPC said. 24 September 2013 In early September Gurbanguly Berdymukhamedov and his Chinese counterpart, Xi Jinping, launched the giant Galkynysh gas field. The project had been subjected to several delays, owing to the technological challenges of developing the field. The commencement of production at the field, which has the second largest gas reserves in the world. The announcement that the China Development Bank (CDB) will provide financing to Turkmenistan's state-owned energy company, Turkmengaz, for the second stage of development at Galkynysh will ensure that Turkmenistan will attract sizeable foreign direct investment (FDI) from China for the foreseeable future.Chinese firms, particularly CNPC, will also be heavily involved in the development of the second phase of the field, providing technological know-how. 27 November 2015 Turkmenistan in the near future intends to launch the third phase of development of the Galkynysh gas field and bring the production there up to 95 billion cubic meters of gas, chairman of the Turkmengas state concern Ashirguly Begliyev said. He also said that production facilities with capacity of 30 billion cubic meters of marketable gas per year have been commissioned to date, the second phase of the gas field development with a similar capacity was launched in 2014, and the third phase of the Galkynysh gas field development with capacity of 35 billion cubic meters of marketable gas per year is expected to start at late 2015. As a result, production at this field alone will amount to 95 billion cubic meters of marketable gas per year. In 2013, the Turkmengas state concern implemented one of the grand-scale projects in modern Turkmenistan, the first stage of the Galkynysh field development with capacity of 30 billion cubic meters of marketable gas per year. Investments in this project amounted to $9.7 billion.

    Field Definition

    From the dataset Readme

    1-2 paragraph comprehensive summary of the activities supported by the project. See page 15 of the methodology for a detailed explanation of how this variable is recorded.

  • status

    Implementation

    Field Definition

    From the dataset Readme

    Tracks the progression of a project. Labels include: Pipeline: Pledge, Pipeline: Commitment, Implementation, Completed, Suspended, Cancelled.

  • recommended_for_research

    TRUE

    Field Definition

    From the dataset Readme

    This field identifies projects that AidData recommends including for normal research & financial analysis. It is equal to "TRUE" for all projects except for those that are marked as umbrella projects, pledges, cancelled, or suspended projects. We recommend excluding the projects marked "FALSE" because the umbrella projects and projects with a status of pledged, cancelled, or suspended likely represent double counting or would lead to including flows that were never fully committed/implemented. This field is meant to make it easier for users to clearly identify the set of projects that we recommend using to better understand the volume and composition of Chinese Official Finance.

  • umbrella

    0

    Field Definition

    From the dataset Readme

    This field identifies projects where some agreement was signed between two countries but the funds were not allocated at the original agreement date, only to be allocated through smaller projects later on. Given the nature of TUFF data collection, it is likely that the smaller projects that relate to these umbrella projects were captured elsewhere in the dataset. To avoid double counting, we suggest users do not include records that are marked as umbrella projects in financial analysis. All general lines of credit are also marked as umbrella projects.

  • is_ground_truthing

    FALSE

    Field Definition

    From the dataset Readme

    A binary marker that indicates when a project has been verified with in-country field research.

  • donor

    China

    Field Definition

    From the dataset Readme

    Entity providing assistance to recipient country. This can be a sovereign state or multilateral organization providing assistance to a recipient country. For this dataset, the donor will always be China.

  • funding_agency

    China Development Bank (CDB), Government Agency

    Field Definition

    From the dataset Readme

    Donor agency that provided the funding.

  • implementing_agency

    China National Petroleum Corporation (CNPC), State-Owned Company

    Field Definition

    From the dataset Readme

    Agency that implemented the project. Could be from the donor, recipient or other parties.

  • cofinancing_agency

    Field Definition

    From the dataset Readme

    Cofinancing agencies or other agencies involved in the project

Recipient

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  • recipient_condensed

    Turkmenistan

    Field Definition

    From the dataset Readme

    Recipient country. If multiple countries were identified as recipients, this field identifies the smallest regional grouping that all specified countries belong to.

  • recipient_region

    Asia

    Field Definition

    From the dataset Readme

    Region of the recipient country.

  • location_details

    Field Definition

    From the dataset Readme

    The subnational locations where projects occurred.

  • recipient_agencies

    Field Definition

    From the dataset Readme

    Recipient agencies that are involved in the project.

  • recipient_agencies_count

    Field Definition

    From the dataset Readme

    Number of recipient agencies that are involved in the project.

  • all_recipients

    Turkmenistan

    Field Definition

    From the dataset Readme

    The recipient entity or entities receiving official finance from a donor entity. A project record can have multiple recipients in cases where a donor entity is providing financing, goods or services to more than one country through a single project. This field provides a pipe-delimited list of all recipients specified as receiving official finance from a donor entity.

  • recipient_count

    1

    Field Definition

    From the dataset Readme

    number of recipient countries identified

  • amount

    Field Definition

    From the dataset Readme

    Monetary amount pledged or committed by the donor entity for the completion of a project.

  • currency

    Field Definition

    From the dataset Readme

    Currency associated with the monetary amount for a project.

  • usd_defl_2014

    Field Definition

    From the dataset Readme

    Deflated monetary equivalent of reported monetary amount in reported currency to 2014 U.S. Dollars

  • usd_current

    Field Definition

    From the dataset Readme

    Nominal USD value of the amount specified for the project

  • deflators_used

    Field Definition

    From the dataset Readme

    Deflator value calculated based on AidData methodology (which mimics OECD deflation methodology) using World Bank sources. Deflator is calculated using donor country inflation and change in buying power.

  • exchange_rates_used

    Field Definition

    From the dataset Readme

    Exchange rate used to change the specified currency of the original amount into USD.

Flow Type

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  • flow

    Loan (excluding debt rescheduling)

    Field Definition

    From the dataset Readme

    Details on how financial flows, goods or services are transferred from the donor to recipient for a project. Flow types include: Debt Forgiveness, Debt Rescheduling, Export Credits, Foreign Direct Investment, Freestanding Technical Assistance, Grant, Loan, Joint Venture with Recipient, Scholarships/Training in Donor Country, and Strategic/Supplier Credit

  • flow_class

    OOF-like

    Field Definition

    From the dataset Readme

    Coders are also instructed to assign all projects to one of the following flow class categories: ODA-like, OOF-like, Vague (Official Finance), Official Investment, Official Religious Aid 1, and Official Religious Aid 2. More details on these flow categorizations can be found in Tuff Methodology 1.3 document. If the goal is to estimate Chinese Official Development Assistance in the strictest sense, include only projects with this field as ODA-like. However, if the goal is to estimate a more comprehensive measure of concessional and non-concessional Chinese Official Finance, then include ODA-like, OOF-like and Vague (Official Finance).

  • intent

    Mixed

    Field Definition

    From the dataset Readme

    Perceived intent of the finance provider. Categories covered by “donor intent” include: Development, Commercial, Representational, Mixed (encompassing any combination of the other three intents).

  • line_of_credit

    FALSE

    Field Definition

    From the dataset Readme

    Denotes a project or financial arrangement where the donor extended a line of credit to a recipient entity. This credit may or may not be used in its entirety by the recipient.

  • is_cofinanced

    FALSE

    Field Definition

    From the dataset Readme

    Denotes projects with multiple countries acting as donor (including the donor of investigation), where the financial amount provided by each donor separately could not distinguished.

  • loan_type

    Field Definition

    From the dataset Readme

    Represents the general nature of the loan. Categories covered include: interestfree; concessional; non-concessional; no information and some information.

  • interest_rate

    %

    Field Definition

    From the dataset Readme

    Reported interest rate of the project loan, in percent

  • maturity

    years

    Field Definition

    From the dataset Readme

    Reported duration of the project loan, in years

  • grace_period

    years

    Field Definition

    From the dataset Readme

    Interval to first repayment of capital in years

  • grant_element

    %

    Field Definition

    From the dataset Readme

    Grant element of the loan, in percent. Uses grant element reported by project sources, unless it can be calculated independently with the OECD grant element calculator (assumes 10 percent rate of discount, 2 payments per annum, and equity principal payment).

  • year

    2013

    Field Definition

    From the dataset Readme

    The year in which an agreement was reportedly made between a supplier of development finance and a recipient for a project. If available, the agreement year is the year of the formal signed commitment for a project; if commitment year is unavailable, or if a commitment has not been made, the year of the informal pledge is the agreement year for a project.

  • start_actual

    Field Definition

    From the dataset Readme

    The actual date that the implementation of a project began on.

  • start_planned

    Field Definition

    From the dataset Readme

    The announced start date for a project.

  • end_actual

    Field Definition

    From the dataset Readme

    The actual date that a project was completed on.

  • end_planned

    Field Definition

    From the dataset Readme

    The announced completion date for a project.

  • year_uncertain

    FALSE

    Field Definition

    From the dataset Readme

    Marker for projects without any sources reporting a specific pledge or commitment year. In these cases, the year of the earliest media report serves is coded as “agreement year.”

  • crs_sector_code

    230

    Field Definition

    From the dataset Readme

    3-digit sector classification based on OECD sector codes

  • crs_sector_name

    Energy Generation and Supply

    Field Definition

    From the dataset Readme

    Name of the 3-digit sector classification based on OECD sector codes

Source & Quality

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  • sources

    https://global.factiva.com/du/article.aspx/?accessionno=PLATT00020130904e994000p3&fcpil=en&napc=S&sa_from=&cat=a, Media Report, including Wikileaks; https://global.factiva.com/du/article.aspx/?accessionno=INGS000020130923e9990000o&fcpil=en&napc=S&sa_from=&cat=a, Media Report, including Wikileaks; http://www.reuters.com/article/us-gas-turkmenistan-galkynysh-idUSBRE9830MN20130904, Media Report, including Wikileaks; http://www.platts.com/latest-news/natural-gas/moscow/ashgabat-beijing-sign-deals-to-expand-turkmen-27370637, Media Report, including Wikileaks; http://www.spe.org/news/article/Turkmenistan-Gas-for-Cash, Media Report, including Wikileaks; http://en.trend.az/business/economy/2461806.html, Media Report, including Wikileaks; http://performance.ey.com/wp-content/uploads/downloads/2013/10/EY-Performance-Turkmen-gas-and-growth.pdf, Media Report, including Wikileaks

    How do we define a "source"?
    Field Definition

    From the dataset Readme

    Links to all the sources attached to one project.

  • sources_count

    7

    Field Definition

    From the dataset Readme

    Number of sources attached to one project.

  • contacts

    Field Definition

    From the dataset Readme

    Name and position of people who were involved in the project if available.

  • source_triangulation

    4

    Field Definition

    From the dataset Readme

    Rates projects based on the types of sources (media, academic, donor/recipient government, other official, NGO). The source triangulation measure varies from 0 to 19, with higher values representing a project record that draws upon a diverse set of information sources. For more information, see http://china.aiddata.org/content/improving_the_data.

  • field_completeness

    6

    Field Definition

    From the dataset Readme

    Rates projects based on the number of missing data fields critical to understanding the project. It also penalized projects with “Vague” makers like “Vague Official Finance” for flow class or “Vague TBD” for flow type. The field completeness measure varies from 0 to 9; higher values indicate that a higher percentage of the “fields” (i.e. variables such as transaction amount, flow type, and commitment year) for a given project record are complete. For more information, see http://china.aiddata.org/content/improving_the_data.

Other Fields

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  • recipient_cow_code

    701

    Field Definition

    From the dataset Readme

    Code of recipient country according to COW standard

  • recipient_oecd_code

    616

    Field Definition

    From the dataset Readme

    Code of recipient country according to OECD standard

  • recipient_oecd_name

    Turkmenistan

    Field Definition

    From the dataset Readme

    Name of recipient country according to OECD standard

  • recipient_iso3

    TKM

    Field Definition

    From the dataset Readme

    Code of recipient country according to ISO3 standard

  • recipient_iso2

    TM

    Field Definition

    From the dataset Readme

    Code of recipient country according to ISO2 standard

  • recipient_un_code

    795

    Field Definition

    From the dataset Readme

    Code of recipient country according to UN standard

  • recipient_imf_code

    925

    Field Definition

    From the dataset Readme

    Code of recipient country according to IMF standard