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CPC expansion budget to remain unchanged

02 december 2011, 11:35
0
©RIA Novosti
©RIA Novosti
Shareholders of the Caspian Pipeline Consortium (CPC) reiterated November 30 their intention not to go beyond the earlier set $5.4 billion when expanding the pipeline capacities, Novosti Kazakhstan reports.

The draft budged was adopted by the CPC shareholders in December 2010 and includes contingencies. In July some media had been reporting suggestions to expand the budget by another $1.5 billion.

Caspian Pipeline Consortium is the largest oil export route from the Caspian region to global markets. The 1500-km pipeline links oilfields in the West of Kazakhstan to the Black Sea. At the Kropotkin pumping station in Krasnodar area (Russia) an extra volume of oil produced in Russia is injected.

The CPC is implementing a project to expand the pipe’s capacities to 67 million tons a year. The project is to be completed by 2014.

The ownership structure looks as follows: Russia’s Transneft holds 31%; Kazakhstan’s KazMunayGas owns 19% with Kazakhstan Pipeline Ventures LLC holding another 20.75%; Chevron Caspian Pipeline Consortium Company owns 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 H.A. H.V. S.ar.l. - 2%, Oryx Caspian Pipeline LLC – 1.75%.

In 2010 the CPC transported a total of 34.9 million tons of crude, including 28.4 million tons of Kazakh crude. To accommodate growing oil production output in the region, in 2010 the consortium decided to expand the pipeline’s carrying capacity up to 67 million tons a year.

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