Crude oil shipments in January-February from the terminal of Caspian Pipeline Consortium (CPC) based near Novorossiysk fell by 13.36 percent from a year earlier, to 4,907,382 tons, the Consortium said in a statement. In February, the terminal saw 2,304,546 tons of crude oil, a 15.25% decline on last year’s figures.
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 first phase of CPC pipeline system was commissioned in April 2003. In 2010, shipments of crude oil from the terminal 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%.