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Press Release March 14 2006 |  | |
For immediate release
March 14, 2006
Contacts:
Olga Lugovina
at (095) 775-00-77
March 14, 2006 – Moscow, Russia
“Caspian Pipeline Consortium must be expanded to its full potential without further delay to fully meet the ambitious goal set by leaders who had the determination to make this project work,” said Ian MacDonald, General Director of CPC, today at the G8 Energy Security Conference in Moscow.
A decision to expand CPC today would see capacity rise to more than 67 million tons of oil a year by 2009.
CPC’s initial design capacity is 28 million tons a year. In 2005 CPC exported over 30 million tons of oil and will do the same in 2006.
Kazakhstan presently produces around 60 million tons a year, just under 1.4 million barrels a day. However, in 10 years time that production will double to over 3 million barrels a day, 150 million tons a year.
CPC is the only dedicated export pipeline from Kazakhstan. The CPC re-structuring agreement that was signed in 1996 anticipated that CPC would eventually be built out to its full capacity of 67 million tons a year.
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