CPC revises oil transport forecast, expects decrease to plan of 7% to 65 mln tonnes

MOSCOW. May 29 (Interfax) - The Caspian Pipeline Consortium (CPC) has revised its forecast for oil transportation through the system due to an expected reduction in shipments by shippers, the consortium reports.

"Based on the updated forecast, oil transportation volumes are expected to decrease 7% in 2024 compared to the figures budgeted based on shippers' preliminary requests. Thus, shipments from the Tengiz field will see a decrease of 7.9 million tonnes and there will be an increase of 3.3 million tonnes from the Kashagan field; total deviation from planned volumes is 4.8 million tonnes," CPC said in a statement following the annual meetings of shareholders of CPC-R JSC and CPC-K JSC.

It was previously reported that the original plan for 2024 was to transport over 70 million tonnes. The updated forecast assumes shipments of about 65.2 million tonnes.

"In this regard, shareholders discussed the issues of shippers' bid campaigns and their actual execution as a factor influencing the consortium's profits and the payment of dividends to CPC participants," the CPC said.

There were 244 tankers loaded at the sea terminal from January 1 to May 24, 2024 (five more than in 2023), and 26.7 million tonnes of oil were exported versus 25.92 million tonnes for the same period in 2023.