BP opposes pipeline expansion terms, demanded by Russia. If no compromise is found, BP is to sell its stake
BP owns 6.6% in the consortium and is very much interested in commercial attractiveness of the project. But now the company is considering selling its stake in consortium.
The thing is that most of the shareholders of the pipeline, Chevron, Shell, ExxonMobil, Rosneft and Lukoil among them, have agreed on the expansion terms demanded by Russia, which owns 24% in the consortium as a host state.
BP is the only shareholder that still opposes the terms. The company is insisting on a bigger loan to expand it.
The source close to the company told that one of the options to settle the problem is BP's selling its stakes in Lukarco and Kazakhstan Pipeline Ventures, which are members of the consortium.
CPC has been shipping oil since 2001 and pumps up to 750,000 barrels per day from Kazakhstan to the Black Sea (Russian port - Novorossiisk) for re-export to the Mediterranean.
Author:
Ksenia Kochneva
