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Kazakh President: Caspian Pipeline Consortium’s yearly capacity set to reach 80 million tons

Kassym-Jomart Tokayev expressed his congratulations to the CPC team and shareholders on the 25th anniversary of the company

Kazakh President: Caspian Pipeline Consortium’s yearly capacity set to reach 80 million tons

Nur-Sultan, November 17 - Neftegaz.RU. A solemn meeting of the members of the Caspian Pipeline Consortium to mark 25 years since the signing of the shareholder agreement kicked off under the chairmanship of Kazakh President Kassym-Jomart Tokayev in the Kazakh capital, Kazinform reported.

The Caspian Pipeline Consortium delivers oil from West Kazakhstan, namely Tengiz, Karachaganak, and Kashagan oilfields, to terminals nearby the Russian port of Novorossiysk in the Black Sea.

Oil transportation through the 1,500 km pipeline began in 2001.
Since then, Kazakhstan has delivered over 745 million tons of oil to the world market.
Caspian Pipeline Consortium´s capacity rose by almost 2.5 times to up to 67 mln tons per year.

Kazakh President Tokayev said:
  • The figure is set to be increased to up to 80 million tons per year by 2023.
  • In general, the Consortium is a key element of oil and gas complex of Kazakhstan contributing to the economic development and well-being of the citizens
  • Implementation of the project gave a strong impetus to the world’s major oilfields such as Tengiz, Karachaganak, and Kashagan, responsible for 60% of the country’s oil production
  • The Consortium is the major international oil transport project with the participation of Kazakhstan and Russia as well as leading companies Chevron, Lukoil, Shell, and others
The Kazakh Head of State noted the need for increasing the Caspian Pipeline Consortium’s capacity and ensuring its stable management due to the greater oil production, development of new oilfields, and joint implementation of oil production projects.

The Caspian Consortium project started operations in 2001 and is owned by Transneft, KazMunayGas, Chevron, Lukoil, ExxonMobil, Shell, Rosneft and Eni.
More than 87% of the oil transported comes from fields in Kazakhstan.

Source : Neftegaz.RU


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