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Thursday, February 05, 2009

CPC pumps record volumes

02-04-2009 - Upstream OnLine - Kazakh and Russian oil exports via the Caspian Pipeline Consortium (CPC) rose to 761,340 barrels per day last month, the highest level ever, and rose 1.4% from 750,871 bpd in December, CPC said. The group exports CPC Blend from a terminal near the Russian port of Novorossiisk. Russian companies including as Rosneft, Surgutneftegaz and TNK-BP also transport crude via the link. Last year, CPC transported 32.2 million tonnes of oil, down from 32.6 million tonnes in 2007. The pipeline group is led by US supermajor Chevron and includes Russian pipeline company Transneft, ExxonMobil, Shell, BP and Lukoil . State shareholders Russia and Kazakhstan own 31% and 19% in CPC respectively. BP is leaving the Chevron-led CPC over disagreement about its expansion terms approved in December by all other consortium members.

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