Bloomberg News

Caspian CPC to Reduce Daily Crude Oil Exports by 10% in March

February 14, 2012

Feb. 13 (Bloomberg) -- The Caspian Pipeline Consortium, which operates the only crude export pipeline in Russia with foreign shareholders, will cut daily oil exports from the Black Sea by 10 percent next month, accorsing to preliminary loading program obtained by Bloomberg News.

The group, known as CPC, will ship 20 cargoes totaling 2.18 million metric tons in March, the schedule shows. That’s equivalent to 16.9 million barrels, or 546,281 barrels a day, compared with 606,998 barrels for February. The final shipment plan will be released later this month.

The CPC pipeline, whose biggest corporate shareholder is Chevron Corp. with a 15 percent stake, carries crude from Kazakhstan’s western fields to the terminal close to Russia’s Novorossiysk port on the Black Sea. Russia owns 31 percent while Kazakhstan owns 20.75 percent. Exxon Mobil Corp., OAO Lukoil and a joint venture between OAO Rosneft and Royal Dutch Shell Plc are among other shareholders.

Loading programs are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.

To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Raj Rajendran at rrajendran4@bloomberg.net


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