Expanded Caspian Pipeline hits record high oil exports in Feb
March 5. Reuters. MOSCOW
Russian and Kazakh oil exports via the Caspian Pipeline Consortium (CPC) hit a monthly high in February due to expansion of the link.
Loadings carried from Kazakhstan’s Caspian Sea oil deposits to Russia’s Black Sea port of Novorossiisk rose to 909,694 barrels per day (bpd) from 744,454 bpd in January, CPC said.
CPC exports rose to 32.7 million tonnes in 2013 from 31.8 million a year earlier and plans call for expanding the pipeline’s capacity to 48 million this year.
Although it traverses Russia and was developed in conjunction with the Russian government, the pipeline was the first to give the Caspian Sea region and Kazakhstan a viable alternative to Russia-dominated northern export routes.
The CPC consortium involves Russian state-owned pipeline monopoly Transneft, the state of Kazakhstan, U.S. oil company Chevron and Russia’s LUKOIL.