Tengizchevroil will maintain oil supply through CPC - company head
ALMATY. Feb 21 (Interfax) - Tengizchevroil (TCO) will continue to export oil through the Caspian Pipeline Consortium pipeline due to its reliability and economic efficiency, TCO General Director Kevin Lyon told reporters on Tuesday.
"In 2022, the CPC faced a number of maintenance challenges, but our actual production and actual pipeline shipments were not affected by these disruptions. With this in mind, we all recognize how crucial it is to ensure the diversification of routes. As for oil exports, we are working together with Kazakhstan and KazMunayGas to find other options such as the Trans-Caspian route, which include both rail and sea transportation," Lyon said at a meeting with journalists in Almaty.
"TCO will continue using the CPC because this route is cost-effective and reliable," he said.
The CPC operates the Tengiz-Novorossiysk pipeline, which is 1,511 kilometers long with the capacity to carry 67 million tonnes of crude per year. The pipeline is the main export route for Kazakh oil, accounting for more than 80% of the country's oil exports.
CPC's shareholders are Russia with 31% as represented by Transneft with 24% and CPC Company with 7%, Kazakhstan with 20.75% as represented by KazMunayGas with 19% and Kazakhstan Pipeline Ventures LLC with 1.75%, Chevron Caspian Pipeline Consortium Company with 15%, Lukarco B.V. 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%.