By Kamila Aliyeva
Caspian Pipeline Consortium (CPC) exported 55,107 million tons of oil in January- December 2017, showing a 24.4 percent increase compared to 2016.
In November this year, the volume of oil exports amounted to 5,196 million tons against 4,517 million tons in the corresponding month last year, Kazinform reported.
Caspian Pipeline Consortium was established to build a pipeline and export Kazakh oil through Russian territory.
CPC owns 1,511 km long pipeline system that connects the oil fields in Western Kazakhstan with the Marine Terminal near Russian Novorossiysk. In 2017 the Caspian Pipeline Consortium will complete the Expansion Project and which will increase its capacity to 67 million tons of oil per annum. Kazakh producer will account for 56 million tons of that volume and Russian producers - for 11 million tons.
CPC Shareholders: Russia (represented by Transneft – 24 percent and CPC Company – 7 percent) – 31 percent; Kazakhstan (represented by KazMunaiGaz – 19 percent and Kazakhstan Pipeline Ventures LLC – 1.75 percent) – 20.75 percent; Chevron Caspian Pipeline Consortium Company – 15 percent, LUKARCO B.V. – 12.5 percent, Mobil Caspian Pipeline Company – 7.5 percent, Rosneft-Shell Caspian Ventures Limited – 7.5 percent, BG Overseas Holding Limited – 2 percent, Eni International N.A. N.V. – 2 percent и Oryx Caspian Pipeline LLC – 1.75 percent.
The volume of CPC shipment of oil for export in 2016 was 44,298 million tons, which is 3.6 percent more than in 2015.
Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva
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