The Caspian Pipeline Consortium (CPC) on November 22nd finished laying an oil pipeline linking Kazakstan to the Russian Black Sea port of Novorossisk.
The pipeline stretches 990 miles / about 1580 km from the massive Tengiz oil field to the Russian Black Sea Coast and is to transport an initial volume of 560,000 b/d, or 28 million tonnes a year.
The pipeline will have an eventual capacity of 1.35 million b/d, or 67 million tonnes a year, most of which will come from Russian oil fields.
A CPC statement said that: “CPC has still much work to do. Construction is still underway at the marine terminal, the Kazakstan facilities, pump stations and the SCADA/Telecoms system. But the first tanker is almost visible on the horizon.”
A test shipment of crude is slated for June 30th, 2001, with the initial phase of construction due for completion in October 2001. The project is expected to cost $2.5 billion, of which more than $2 billion has already been invested.
Russia has a 24 percent share in the consortium, with Kazakhstan and Oman holding 19 percent and 7 percent, respectively. Chevron Corp. has the largest share of the eight oil companies involved in the consortium, with a 15 percent stake.
LUKARCO has a 12.5 percent stake, while Rosneft/Shell Caspian Ventures and Mobil Caspian Pipeline Co. have 7.5 percent each, Agip and BP have 2 percent each and Kazakstan Pipeline Ventures and Oryx have 1.75 percent each.
