Crude exports via CPC terminal soar 20% to 29.5 million tonnes in Jan-Oct, 2014

Crude oil shipments through the terminal of the Caspian Pipeline Consortium (CPC) based near Novorossiysk in January-October 2014 jumped 20% compared to the same period of 2013 and totaled 32,646,465 tonnes, the Consortium statistics said.

In October, the CPC facility exported 3,095,815 tonnes of crude oil, which represents a 1.2% gain from 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 2013, shipments of crude oil from the terminal rose 6.9% to 32.7 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%.