Kazakhstan interested in Caucasian oil transportation corridor
Kazakhstan, Astana, Nov 6 /Trend D. Mukhtarov/
Kazakhstan is interested in the Caucasian oil transportation corridor, head of Kazakh oil transportation company KazTransOil Kairgeldy Kabyldin told Trend on Tuesday.
"Caucasian corridor is identified and is present in our strategy. We knowingly purchased terminal in Batumi" Kabyldin said.
In February 2008, JSC KazTransOil, a subsidiary of JSC NC KazMunaiGas, acquired Batumi oil terminal and forwarding company Petrotrans. JSC KazTransOil also acquired the right to long-term management of Batumi Sea Port.
Kabyldin noted that the construction of Eskene-Kuryk pipeline systems is indicated as a priority in the company's strategy which is the first stage of Baku - Black Sea. However, its implementation depends on the timing of the Kashagan project implementation.
"CPC system will be used for oil, which we will get during the pilot phase [Kashagan]," Kabyldin said.
He added that the Kashagan oil transportation via Baku-Supsa and Baku-Novorossiysk pipeline will be available only in 2018-2020.
Kashagan is one of the largest fields discovered in the past 40 years. According to analysts, Kashagan has the potential to unite the top five largest oil companies in the world. Kazakh geologists estimate geological oil reserves at 4.8 billion tons. According to the project operator, total oil reserves are 38 billion barrels (six billion tons), with a recoverable volume of about 10 billion barrels. Natural gas reserves are estimated at over one trillion cubic meters.
The companies, developing the project, are planning to begin commercial production on Kashagan in the first quarter of 2013.