Crude exports via CPC terminal down 6.4pct to 21.75m tons
The volume of crude oil exports in January-August 2011 through the terminal of Caspian Pipeline Consortium (CPC) based near Novorossiysk fell 6.4% from a year earlier, to 21,747,506 tons, the Consortium said.
In July, the terminal handled 2.7m tons of crude oil, down 11.2% on last year’s figure.
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 commissioned in April 2003. The volume of oil exports through the terminal in 2010 rose nearly 0.9% to 34.9 million tons.
Russia is CPC' major stockholder (through Transneft company) with 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%.