Caspian Pipeline Oil Exports Up 4 Pct In 2016
(Jan 9, Reuters) – Oil exports via the Caspian Pipeline rose 3.6 percent to 44.3 million tonnes in 2016, data from the Caspian Pipeline Consortium (CPC) showed on Monday.
Exports are expected to jump by around 40 percent this year as CPC wraps up a five-year expansion plan.
The pipeline connects the Tengiz field in Kazakhstan, and a number of other fields, to the sea terminal near Novorossiisk in Russia.
The CPC Pipeline System is one of the largest investment projects on the CIS territory in energy sector with participation of foreign investors. The total length of the pipeline transporting crude oil from the fields in Western Kazakhstan to the marine terminal near Novorossiysk reaches 1,511 km. CPC Marine Terminal is equipped with offshore single point moorings enabling safe transshipment of the cargo to oil tankers. The terminal is able to operate in adverse weather conditions.
CPC shareholders are as follows: Russian Federation (represented by Transneft, 24% and CPC Company, 7 %) holds a 31% stake; Republic of Kazakhstan (represented by KazMunayGaz, 19% and Kazakhstan Pipeline Ventures LLC, 1.75%) owns 20.75% of shares; Chevron Caspian Pipeline Consortium Company owns 15%, LUKARCO B.V. – 12.5%, Mobil Caspian Pipeline Company – 7.5%, Rosneft Shell Caspian Ventures Limited – 7.5%, BG Overseas Holding Limited – 2%, Eni International N.A. N.V. – 2% and Oryx Caspian Pipeline LLC – 1.75%.