The Caspian Pipeline Consortium (CPC) has announced that it has suspended operations at two of its three terminal mooring points (SPMs) following a recent inspection, according to Baird Maritime.
The inspection, conducted by the Russian transport watchdog, identified certain violations that required corrective action, although the specific nature of these issues was not disclosed by the consortium.
The closures come in the wake of a tanker crash in the Kerch Strait on December 15, 2024, which resulted in an oil spill and prompted the investigation.
As a result of the suspension of operations at two SPMs, CPC may lose approximately 50% of its loading capacity, according to trader estimates.
CPC, which transports oil from Kazakhstan and Russia via its Black Sea pipeline, is responsible for approximately 1% of the global oil supply.
In 2024, the consortium exported over 63 million metric tons (1.4 million bpd) of oil through its system. For April, oil exports are projected to reach 1.7 million barrels per day, or about 6.5 million metric tons. CPC has confirmed that only SPM-3 will remain operational as of March 31, 2025, to continue loadings.
The consortium did not specify the timeframe for the resumption of operations at the other two mooring points, stating that they would remain closed until the identified issues are resolved.
Transneft is Russia's state-owned pipeline monopoly responsible for transporting the majority of the country’s oil and oil products. It operates one of the world’s largest pipeline systems and plays a significant role in the global energy market. Transneft is a key shareholder in the Caspian Pipeline Consortium, with a 24% stake, and has been a prominent player in the export of Russian oil.
KazMunayGas is the national oil and gas company of Kazakhstan. It is involved in the exploration, production, and transportation of oil and gas, as well as refining and marketing. As a major shareholder in CPC with a 19% stake, KazMunayGas plays a crucial role in the export of Kazakh oil through the CPC pipeline system.