CPC significantly reduces oil shipment via Tengiz-Novorossiysk pipeline

NUR-SULTAN. KAZINFORM The Caspian Pipeline Consortium (CPC) has significantly reduced the oil shipment volumes via Tengiz-Novorossiysk pipeline for the repair works at the Tengiz oil field and suspension of production at Kashagan deposit in Kazakhstan, Kazinform reports.

«In connection with the repair works at the Tengiz oil field of the Republic of Kazakhstan, oil intake at the head section of the CPC pipeline system (NPS Tengiz) from the deposit is carried out in a reduced mode. Also, due to the shutdown of production at Kashagan oilfield, the volume of oil acceptance to the CPC pipeline system has been reduced. The abovementioned factors led to a significant decrease in the total volume of oil shipped through the Tengiz-Novorossiysk pipeline system,» a press release from CPC reads.

The company's shreholders and the shippers have been informed of the situation.

The CPC Pipeline System is one of CIS largest energy investment projects that involves foreign capital. 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%.

Photo: tass.ru