CRISISBOOM

AP

ASHGABAT, Turkmenistan (AP) — Energy-hungry China is set to sign an agreement with the Central Asian nation of Turkmenistan later this year to boost its future annual natural gas purchases by 20 billion cubic meters, state newspaper Neutral Turkmenistan reported Wednesday.

The deal means Turkmenistan’s annual gas sales to China will eventually reach 60 billion cubic meters — equivalent to more than half China’s entire natural gas consumption last year.

Turkmenistan began delivering gas to China through a newly completed pipeline in late 2009, but that route is only expected to reach full annual capacity of 40 billion cubic meters by 2015. As of mid-February, Turkmenistan had supplied 5.8 billion cubic meters of Read more…