A South Korean consortium has clinched a $240 million order to expand an oil refinery in Turkmenistan, industry sources said Thursday.

Under the contract with Petronas Carigali, LG International Corp. and Hyundai Engineering Co. will rebuild an oil refining facility in Kiyanly on the coast of the Caspian Sea by the end of 2015.

Once the facility expansion is completed, the refinery will be able to additionally process 10,000 barrels of crude oil and 35 million cubic meters of natural gas a day, they said.

The Korean companies will be in charge of design, purchasing of construction materials and the entire building process.

Turkmenistan has the fourth-largest natural gas reserves in the world, with countries such as Russia and China moving to increase their market presence in the resource-rich emerging economy.

The Korean consortium also bagged similar deals from the Central Asian country in 2009 and 2012, valued at a combined $2 billion, according to the sources. (Yonhap News)