Deputy General Directors Mikhail Grishankov and Kairgeldy Kabyldin, and CPC Operations Consultant Dennis Fahy participated in the meeting on behalf of CPC.
Nikolay Gorban informed the Caspian Pipeline Consortium Shareholder of the actions completed by CPC as part of the final stage of CPC Expansion Project implementation. He also pointed out that CPC was ready to fully satisfy Lukoil’s requirements to transport crude oil from its new field in the Russian offshore section of the Caspian Sea.
Crude oil from Filanovsky and Korchagin fields has been entering the Tengiz - Novorossiysk pipeline system since October 1, 2016. The Consortium plans to transport 5.4 million tons of crude oil from these fields in 2017.
FYI:
The CPC pipeline system is one of the largest investment projects with foreign capital in the energy sector in the CIS. The length of Tengiz-Novorossiysk pipeline is 1,511 km; more than two thirds of all export crude oil from Kazakhstan and crude oil from the Russian fields, including those in the Caspian Region, are transported by this route. CPC Marine Terminal is equipped with three Single Point Moorings (SPM) that allow to load tankers safely at a significant distance offshore, also amid poor weather conditions.
CPC Shareholders: Russian Federation (represented by Transneft – 24% and CPC Company – 7%) – 31%; Republic of Kazakhstan (represented by KazMunayGaz – 19% and Kazakhstan Pipeline Ventures LLC – 1.75%) – 20.75%; Chevron Caspian Pipeline Consortium Company - 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 N.A. N.V. - 2% and Oryx Caspian Pipeline LLC – 1.75%.