The Caspian Pipeline Consortium (CPC) has started the construction phase of the $5.4bn expansion of the Caspian oil pipeline. The capacity of the 1,500-km pipeline, which carries crude oil from western Kazakhstan to a dedicated terminal in the Black Sea in Russia, will increase to 1.4 mb/d from its current capacity of 0.73 mb/d. The project will be implemented in three phases with capacity increasing progressively from 2012 to 2015. It will consist of the refurbishment of the existing five pumping stations, the addition of 10 new pumping stations, the replacement of a 88-km section of the line, six new storage tanks and the addition of a third offshore mooring point at the Black Sea terminal, 10 km north of the Port of Novorossiysk. CPC awarded all the major construction contracts in May 2011. Chevron is the largest foreign investor in the Caspian Pipeline Consortium, with 15%. Other investors are the Russian Federation (24%), JSC National Company “KazMunaiGaz“ (19%), LUKARCO B.V. (12,5%), Mobil Caspian Pipeline Company and Rosneft-Shell Caspian Ventures Limited (7,5% each), CPC Company (7%), BG Overseas Holding Limited and Eni (2% each), Kazakhstan Pipeline Ventures LLC and Oryx Caspian Pipeline LLC (1,75% each).