Crude exports via CPC Terminal in Q1, 2011 unchanged, at 8,5m tons

The volume of crude oil deliveries through the terminal of the Caspian Pipeline Consortium (CPC) near Novorossiysk in the period from January through March this year remained at the level of 2010, amounting to about 8 million 528.2 thousand tons, the CPC press service said.

In March, the CPC terminal shipped 2,865,900 tons of crude oil, 1.22% up from the same period in 2010.

CPC pipeline system is the largest investment project with foreign participation implemented in the CIS countries. The cost of the project’s Phase 1 is $ 2.6 billion. The total pipeline length, connecting oil deposits in western Kazakhstan to the Russian marine oil terminal is 1,510 km. The CPC pipeline system P1 was put into operation in April 2003. The volume of oil exports through the terminal in 2010 rose nearly 0.9% to 34,9 million tons.

CPC’s shareholders include Russian Federation (through Transneft company) holds a 31-percent stake, Kazakhstan (represented by KazMunaiGaz - 19% and Kazakhstan Pipeline Ventures LLC –1.75%) owns 20.75% of shares, Chevron Caspian Pipeline Consortium Company - 15%, LUKARCO BV – 12.5%, Mobil Caspian Pipeline Company – 7.5%, Rosneft-Shell Caspian Ventures Ltd – 7.5%, BG Overseas Holding Limited - 2%, Eni International N.A. N.V. - 2%, Oryx Caspian Pipeline LLC – 1.75%.