Kazakhstan set to build new export pipeline
The Kazakh government is about to launch construction of the
South Caspian oil pipeline. President Nursultan Nazarbayev
announced the decision at a meeting with investors in the city of
Atyrau on Friday.
The pipeline is to pump Kazakh oil to the Kurik port on the Caspian
shore and further to Baku by tankers. In Azerbaijan, it will be
pumped into the BTC main oil export pipeline transporting crude to
world markets.
US oil major Chevron, which acts as the operator on developing the
Central Asian state's giant Tengiz oil field, will be one of the
main shareholders in the $1.5 billion project. Construction
operations are expected to take two years. The pipeline will
transport 23 million tons of crude in the initial stage, with the
figure to reach 56 million tons in the future.
The conduit bypassing Russia will be Kazakhstan's main export
route, analysts say.
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