CPC increases oil transportation 2.7%, ships almost 30 million tonnes

MOSCOW. June 19 (Interfax) - The Caspian Pipeline Consortium (CPC) shipped almost 30 million tonnes of oil as of June 13, the CPC press service reported, citing consortium head Nikolai Gorban.

This is approximately 800,000 tonnes more than in the same period last year, nearly a 2.7% increase.

It was also reported that on Wednesday, Gorban held a working meeting in Astana with the Chairman of the Board of KazMunayGas, Askhat Khasenov.

"The meeting participants discussed current issues relating to cooperation within the consortium, including the programs implemented by the company to modernize and improve the reliability of the Tengiz-Novorossiysk pipeline system facilities, as well as long-term plans for loading the CPC system, taking the capabilities of shippers into account," the statement says.

The CPC connects the oil fields of western Kazakhstan and Russian oil fields on the Caspian shelf with the marine terminal at Novorossiysk. Its length is 1511 km. The system is the main export route for Kazakh oil, accounting for more than 80% of the volumes pumped through the pipeline from Kazakhstan. Currently, CPC is capable of transporting about 72.5 million tonnes of oil per year from Kazakhstani territory and up to 83 million tonnes of oil per year through Russia.

CPC provided transportation and export shipment for 63.47 million tonnes of oil (+8.1%) in 2023. The updated forecast for 2024 assumes the transportation of about 65.2 million tonnes of oil (-7% to the plan of over 70 million tonnes).

The shareholders of CPC, in addition to Transneft and the Russian Federation, are: Kazakhstan (represented by KazMunayGas with 19% and Kazakhstan Pipeline Ventures LLC with 1.75%) with 20.75%, Chevron Caspian Pipeline Consortium Company with 15 %, Lukoil International GmbH with 12.5%, Mobil Caspian Pipeline Company with 7.5%, Rosneft-Shell Caspian Ventures Limited with 7.5%, BG Overseas Holding Limited with 2%, Eni International N.A. N.V. with 2% and Oryx Caspian Pipeline LLC with 1.75%.