Caspian Pipeline Consortium could carry 6 mln tonnes more oil in 2014
MOSCOW. Dec 19 (Interfax) - Shareholders in the Caspian Pipeline Consortium (CPC) at the end of November approved the consortium's 2014 budget and with it plans to boost oil transportation by 6 million tonnes, Mikhail Barkov, vice president of Russian pipeline operator Transneft , told reporters.
This includes oil from the Kashagan field. "We expect a big oil flow from Kashagan nearer to the summer, maybe even later," Barkov said.
Other consortium members, too, will supply more oil, he said.
The 1,511-km CPC pipeline runs from the Tengiz oil field in West Kazakhstan to the Russian Black Sea coast. In 2012 CPC transported 33.3 million tonnes of oil through the pipeline. Capacity will be expanded to 67 million tonnes in stages. Shipments rose 7.3% year-on-year in January-November to 29.9 million tonnes.
The CPC's sovereign shareholders are Russia with 31% of the shares, managed by Transneft (24%) and CPC Company - (7%); and Kazakhstan with 20.75% (stake is managed by KazMunayGas (19%) and Kazakhstan Pipeline Ventures LLC (1.75%)). The rest of the consortium belongs to private companies: Chevron Caspian Pipeline Consortium Company (15%), LUKARCO B.V. (12.5%), Rosneft-Shell Caspian Ventures Limited (7.5%), Mobil Caspian Pipeline Company (7.5%), Eni International (N.A.) N.V. (2%), BG Overseas Holding Ltd (2%) and Oryx Caspian Pipeline LLC (1.75%).
