CPC plans to increase crude oil shipments by 10% to 70 million tonnes in 2024

In 2026, CPC to replace its two SPMs being in operation since 2001.

Caspian Pipeline Consortium (CPC) increased crude oil exports by 8% in 2023, to 63.5 million tonnes, including 56 million tonnes from Kazakhstan exporters, said CPC General Director Nikolai Gorban during a briefing in Astana. According to the presentation provided by the CPC press service, the consortium plans to ship 70 million tonnes of crude oil in 2024, which is 10% more than in 2023.

CPC's consolidated proceeds for last year reached $2.3 billion. According to the outlook for 2024, the figure will increase by 8.7% - to $2.5 billion. The consortium's capital expenditures for the past year reached $86.3 million; for 2024 they are planned at $199.7 million (+2.3 times).

CPC shareholders were paid $1.34 billion of dividends last year.

In the next few years, CPC plans to replace about 400 km of the linear part of the main oil pipeline. In December 2023, CPC commenced replacement of the first 27 km of the linear part. In 2026, CPC will begin replacing two single-point moorings (SPM) that have been operated since 2001.

The CPC Pipeline System is one of the largest energy investment projects in CIS countries that involves foreign investments. The length of the Tengiz-Novorossiysk pipeline is 1,511 km. This route moves over two thirds of all Kazakhstan export oil along with crude from Russian fields including those in the Caspian region. CPC Marine Terminal is equipped with three Single Point Moorings (SPM), allowing tankers to be loaded safely at significant distance offshore, including in poor weather conditions.

CPC Shareholders: Federal Agency for State Property Management represented by Transneft (trustee) – 24%, CPC Company – 7%, KazMunayGas – 19%; Kazakhstan Pipeline Ventures LLC – 1.75%, Chevron Caspian Pipeline Consortium Company – 15%, LUKARCO B.V. - 12.5%, Mobil Caspian Pipeline Company - 7.5%, Rosneft-Shell Caspian Ventures Limited - 7.5%, BG Overseas Holding Limited - 2%, Eni International N.A. N.V. - 2%, and Oryx Caspian Pipeline LLC – 1.75%.