The Caspian Pipeline Consortium (CPC) plans to complete the increase in transportation capacity of its Caspian oil pipeline by 2015.
The capacity CPC pipeline, which currently delivers up to 28.2 Mt/year of oil from Tengiz (Kazakhstan) to Novorossiysk (Russian coast of Black Sea), will be raised to 67 Mt/year by 2015 (about 1.4 mb/d). The expansion is still dependent on whether fields being developed have started production.
The first phase of expansion will be completed in late 2013 or in early 2014; it will add 10 Mt/year (about 210,000 bbl/d).
The shareholders of CPC are the Russian Federation (31%, of which 24% are in fiduciary management of Transneft and 7% are owned by the CPC company), the Republic of Kazakhstan (through Kazmunaygaz with 19% and Kazakhstan Pipeline Ventures with 1.75%) with 20.75%, Chevron Caspian Pipeline Consortium Company (15%), LUKARCO (12.5%), Mobil Caspian Pipeline Company (7.5%), Rosneft-Shell Caspian Ventures (7.5%), BG Overseas Holding Limited (2%), Eni International (2%) and Oryx Caspian Pipeline (1.75%).
Source: Chevron