ST. PETERSBURG (Pakistan Point News / Sputnik - 15th June, 2023) The Caspian Pipeline Consortium (CPC), which delivers oil from Kazakhstan to the Russian Black Sea port of Novorossiysk, expects shipments through its system to reach 60-61 million tonnes in 2023, with the shippers requesting the pumping of 67 million tonnes of oil, the CEO of the company told Sputnik on Thursday.
"Our shippers-shareholders' bidding campaign has reached a volume of 67 million tonnes this year. The company's management shares quite pessimistic views, we expect it to be around 60-61 million (tonnes) for the year," Nikolay Gorban said on the sidelines of the St.Petersburg International Economic Forum.
In 2022, 58.7 million tonnes of oil were shipped through the CPC system, Gorban stated, adding that these volumes would increase by 2-4% this year even under a pessimistic scenario.
Over the first five months of 2023, the CPC shipped 29.5 million tonnes of oil, which is 11% more than over the same period the previous year, the CPC CEO said.
The CPC is a joint-venture that handles almost all of Kazakhstan's oil exports. The pipeline transports some 60 million tonnes of oil a year (around 1.2 million barrels daily, or 1.2% of the global demand for oil). Among the largest shareholders of the company are Russia (through Transneft), Kazakhstan (through KazMunayGas), Chevron, Lukoil, Rosneft and Eni.
The St. Petersburg International Economic Forum is being held on June 14-17. RIA Novosti, a part of the Rossiya Segodnya media group, is an official media partner and the host photo agency for the event.
