CPC slashes oil shipments due to repairs at Tengiz, production halt at Kashagan

MOSCOW. Aug 4 (Interfax) - The Caspian Pipeline Consortium (CPC) has significantly reduced oil shipments through the Tengiz-Novorossiysk pipeline system due to repairs at the Tengiz field in Kazakhstan and suspension of production at the Kashagan field.

"Due to repairs at the Tengiz field in Kazakhstan, oil intake from the field has been reduced at the head section of the CPC pipeline system (Tengiz oil pumping station). Oil intake into the CPC pipeline system has also been reduced due to the suspension of oil production at the Kashagan field. These factors have led to a significant reduction of total oil transmission through the Tengiz-Novorossiysk pipeline system," the CBC said in a press release, adding that it will issue a notification when regular transmission volumes are restored.

CPC shareholders and cargo shippers have been informed of the situation, the company said.

The CPC, with capacity to carry 67 million tonnes of crude per year, is the main export route for Kazakh oil, which accounts for more than 80% of the oil transported by the pipeline.