Caspian Pipeline Consortium to launch two oil pumping stations in 2017
Almaty. September 28. KazTAG – The Caspian Pipeline Consortium (CPC) will launch 2 oil pumping stations in 2017, reports the press-service of CPC.
Extraordinary General Meetings of Caspian Pipeline Consortium-R and Caspian Pipeline Consortium-K Shareholders and Meeting of the Board of Directors of Caspian Pipeline Consortium-R were conducted in Batumi (Georgia) on September 26-27, 2017.
“After the gradual commissioning of new facilities of the Expansion Project CPC pipeline system throughput capacity has currently exceeded 58 M tons of crude oil per annum. Before the end of this year, CPC will have put into operation two more pump stations (one in Russia and one in Kazakhstan), thus ensuring the full designed capacity of the Tengiz-Novorossiysk pipeline system: 67 M tons of crude oil per annum,” reads the message.
The Governance bodies passed resolutions on CPC Quality Bank functioning, maintenance of the crude pipeline system facilities in the RF and other CPC operation matters.
In the course of the meetings, it was pointed out that in the third quarter of the current year CPC would allocate $320 M to repay its debt to the Shareholders. In accordance with the existing business model the debt is to be completely repaid in 2020.
The CPC pipeline system is one of the largest investment projects with foreign capital in the energy sector in the CIS. The length of the Tengiz–Novorossiysk Pipeline is 1,511 km; it transports over two thirds of all Kazakhstan export crude, as well as crude from Russian oil fields, including the Caspian Region. CPC Marine Terminal is equipped with three Single Point Moorings (SPM) that allow to load tankers safely at a significant distance offshore, also amid poor weather conditions.
CPC Shareholders: Russian Federation (represented by Transneft – 24% and CPC Company – 7%) – 31%; Republic of Kazakhstan (represented by KazMunayGaz – 19% and Kazakhstan Pipeline Ventures LLC – 1.75%) – 20.75%; Chevron Caspian Pipeline Consortium Company – 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%.