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Caspian Pipeline Consortium increases export of oil

Oil&Gas Materials 2 February 2018 21:43 (UTC +04:00)

Baku, Azerbaijan, Feb. 2

By Ali Mustafayev - Trend:

In January 2018, the Marine Terminal of the Caspian Pipeline Consortium shipped 4,848,292 tons (38,406,924 barrels) of oil, which is 669,375 tons (16 percent) more than in the same period of previous year.

From the beginning of 2018 to February 1, CPC exported 46 tankers of oil through the Marine Terminal.

Due to unfavorable weather conditions at the end of January, the shipment of 3 tankers was postponed until February.

As of February 1, loading of 2 tankers from the January schedule is coming to an end.

At the end of 2017, CPC significantly increased the volume of oil shipment at the Marine Terminal. In November 2017, CPC shipped 5,001,341 tons (39,621,126 barrels) of oil for export. In December 2017, the consortium reached its new monthly record - 5,196,229 tons (41,103,227 barrels) of oil.

The CPC pipeline system is one of the largest investment projects with foreign capital in the energy sector in the CIS. The length of the pipeline connecting oil fields in Western Kazakhstan with the Marine Terminal in Novorossiysk is 1,511 km. CPC’s Marine Terminal is equipped with Single Point Moorings that allow to load tankers safely at a significant distance offshore.

The shareholders of CPC are Russian Federation (31 percent, represented by Transneft – 24 percent and CPC Company – 7 percent), Republic of Kazakhstan (20.75 percent, represented by KazMunaiGas – 19 percent and Kazakhstan Pipeline Ventures LLC – 1.75 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) and Oryx Caspian Pipeline LLC (1.75 percent).

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