CPC increases oil exports by 11.3% in Jan-Feb 2019

ASTANA. KAZINFORM - In January-February 2019, the Caspian Pipeline Consortium (CPC) exported 10.505 million tons of oil, increasing by 11.27 percent year-on-year, Kazinform cites CPC.

In February this year, the oil exports amounted to 4.892 million tons in contrast to 4.592 million tons a year ago.

It is to be recalled that in 2018, the oil shipped via the Caspian Pipeline Consortium for exports reached 61.084 million tons, which is 10.8% more YOY (55.107 million tons). It should be mentioned that 54.3 million tons of oil shipped via CPC last year from the terminal in the Port of Novorossiysk was from Kazakhstan's fields: 28.7 million tons from Tengiz, 13.2 million tons from Kashagan, and 10.3 million tons from Karachaganak. More than two-thirds of the crude oil exported by Kazakhstan is transported via CPC.

The Caspian Pipeline Consortium was established to build a pipeline and export Kazakhstan's oil through Russia. CPC owns the Tengiz-Novorossiysk oil pipeline for a total length of over 1,500 km, connecting Western Kazakhstan fields with the Russian Black Sea coast.

CPC's shareholders are the Russian Federation - 24 percent, JSC National Company KazMunayGaz - 19 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, and CPC Company - 7 percent, BG Overseas Holding Limited - 2 percent, Eni International N. A N.V. - 2 per cent, Kazakhstan Pipeline Ventures LLC - 1.75 per cent, and Oryx Caspian Pipeline LLC - 1.75 per cent.