Caspian Pipeline Consortium ups oil shipments 2.6% to 43.8 mln tonnes in 8M

MOSCOW. Sept 13 (Interfax) - Caspian Pipeline Consortium increased oil shipments 2.6% year-on-year in January-August.

"The consortium has ramped up crude transportation volumes versus last year's indicators. By late August 2024, 43.8 million tonnes were loaded on 405 tankers and shipped for export. On the same date last year, these indicators were 42.7 million tonnes and 391 tankers, respectively," the CPC said in a statement following meetings of its corporate governance bodies.

The 1,511 km CPC pipeline connects oil fields in western Kazakhstan and Russian fields on the Caspian shelf with the marine terminal in Novorossiysk. The system is the main export route for Kazakh oil, accounting for more than 80% of Kazakhstan's volumes pumped through the pipeline.

The CPC transported and exported 63.47 million tonnes of oil in 2023, up 8.1% from 2022. The 2024 target is more than 70 million tonnes.

CPC has updated its forecast for oil transportation in 2024 due to an anticipated drop in shipments by consignors, from 70 tonnes to 65.2 million tonnes, with Tengiz supplying 7.9 million tonnes less than originally requested.

CPC's shareholders are the Russian Federation with 31%, with Transneft managing 24% and 7% on the balance sheet; KazMunayGas with 19%; Kazakhstan Pipeline Ventures LLC with 1.75%; 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 at 2%; Eni International N.A. N.V. S.ar.l. with 2%; and Oryx Caspian Pipeline LLC with 1.75%.