National Bank of Kazakhstan sees no major currency swings from CPC disruption
ASTANA. July 24 (Interfax) - The National Bank of Kazakhstan does not expect the situation around the Caspian Pipeline Consortium to significantly affect the foreign exchange market and believes oil export issues will be resolved soon, National Bank Governor Timur Suleimenov said Friday.
"We do not foresee any major sharp fluctuations. For any sharp movements, we have a full set of response tools," Suleimenov told a briefing. "Both gold and foreign exchange reserves and sterilization operations allow us to stabilize the exchange rate in case of sharp, non-market fluctuations," he said.
He said he hoped the CPC situation would be resolved shortly. "That means issues around the free flow of Kazakh oil, its export and the receipt of export revenue will be resolved. In my view, we are not facing any fundamental changes to operations," he said.
Suleimenov said the tanker issues should be settled in the near future. "It is clear overall that CPC is the main export pipeline, and export currency revenue depends heavily on its operation," he said.
The Energy Ministry said Thursday that Kazakhstan had been forced to temporarily reduce oil output after the CPC marine terminal suspended loading to "ensure the safety of vessels, crews and the Black Sea environment" following a series of drone attacks on tankers.
The Foreign Ministry condemned the attacks on July 19, calling them "an unacceptable encroachment on the economic interests of the Republic of Kazakhstan" and urging partner countries to denounce the strikes. No damage estimate has been released.
CPC ships crude from three major Kazakh fields: Tengiz, Kashagan and Karachaganak. Throughput in 2025 totaled about 70.5 million tonnes, with more than 75% of that volume coming from foreign shippers, led by Tengizchevroil, ExxonMobil , KazMunayGas, Eni and Shell (SPB: RDS.A). The consortium expects to handle 72 million tonnes in 2026.
The 1,500-kilometer pipeline links oil fields in western Kazakhstan and Russian Caspian deposits to a marine terminal near Novorossiysk on the Black Sea. It is Kazakhstan's main export artery, carrying more than 80% of the country's pipeline crude. The system can move up to 72.5 million tonnes of oil per year from Kazakhstan and up to 83 million tonnes through Russia.
CPC shareholders are Russia, with a combined 31% stake managed by Transneft and held on its balance sheet; Kazakhstan, represented by KazMunayGas and Kazakhstan Pipeline Ventures LLC, 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%.
