Bloomberg News

Caspian CPC to Raise April Daily Crude Exports to 7-Month High

March 12, 2012

The Caspian Pipeline Consortium, which operates the only crude export pipe in Russia with foreign shareholders, will raise daily oil exports for April from the Black Sea to the highest level in seven months, according to a preliminary loading program obtained by Bloomberg News.

The group, known as CPC, will ship 24 cargoes totaling 2.49 million metric tons in April, the schedule shows. That’s equivalent to 19.4 million barrels, or 624,407 barrels a day, up 14 percent from 546,281 barrels for March. Loadings are planned to be the most since September.

The CPC pipeline, whose biggest corporate shareholder is Chevron Corp. (CVX) 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. (XOM), OAO Lukoil and a joint venture between OAO Rosneft and Royal Dutch Shell Plc (RDSA) 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: Rob Verdonck at rverdonck@bloomberg.net


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