TODAY.AZ / Business

CPC records growth in oil exports

05 December 2017 [17:14] - TODAY.AZ

By Azernews

By Kamila Aliyeva

Caspian Pipeline Consortium (CPC) exported 49.911 million tons of oil in January-November 2017, showing a 25.47 percent increase compared to the same period in 2016.

In November this year, the volume of oil exports amounted to 5,001 million tons against 4,438 million tons in the corresponding month last year, Kazinform reported.

As noted in the CPC, this is the absolute record of the monthly shipment volumes for the entire history of the operations.

The previous record was also established in March 2017 when 4.929 million tons of oil were shipped to tankers.

Caspian Pipeline Consortium was established to build a pipeline and export Kazakh oil through Russian territory.

CPC owns 1,511 km long pipeline system that connects the oil fields in Western Kazakhstan with the Marine Terminal near Russian Novorossiysk. In 2017 the Caspian Pipeline Consortium will complete the Expansion Project and which will increase its capacity to 67 million tons of oil per annum. Kazakh producer will account for 56 million tons of that volume and Russian producers - for 11 million tons.

CPC Shareholders: Russia (represented by Transneft – 24 percent and CPC Company – 7 percent) – 31 percent; Kazakhstan (represented by KazMunaiGaz – 19 percent and Kazakhstan Pipeline Ventures LLC – 1.75 percent) – 20.75 percent; Chevron Caspian Pipeline Consortium Company – 15 percent, LUKARCO B.V. – 12.5 percent, Mobil Caspian Pipeline Company – 7.5 percent, Rosneft-Shell Caspian Ventures Limited – 7.5 percent, BG Overseas Holding Limited – 2 percent, Eni International N.A. N.V. – 2 percent ? Oryx Caspian Pipeline LLC – 1.75 percent.


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