CPC guarantees efficient and environmentally safe movement of crude oil

The Project is designed to increase the trunk pipeline capacity

SPIEF-2021: A Tripartite Meeting held by Transneft, CPC and Chevron Corporation

20210604-3.jpgOn June 04, 2021, a tripartite meeting attended by management of Transneft, CPC and Chevron Corporation took place at the St. Petersburg International Economic Forum venue.

The meeting was attended by Nikolay Tokarev, President of Transneft, Nikolai Gorban, CPC General Director and Vladimir Kalanda, Deputy Vice-President of Transneft. Chevron Corporation was represented by its Vice-President Jay Pryor and Andrew McGran, President of Chevron Neftegaz Inc.

Representatives of the shareholders and Head of CPC discussed interfaces within the framework of the international project, the 2020 operation and financial results of the Consortium, the progress of the Debottlenecking Program that will allow to increase the throughput of the Tengiz-Novorossiysk pipeline up to 80 M tons in 2023, along with some other topical matters of the international cooperation in the field of energy resources transportation. The Parties briefly discussed the run-up to celebrating the 25th anniversary of the Consortium in its present form of incorporation. Representatives of the Parties exchanged opinions regarding ways to combat COVID-19 pandemic being undertaken by global governments and the largest oil and gas companies.

It should be noted that Transneft manages 24% of CPC shares and directly owns 7% of shares. Chevron Caspian Pipeline Consortium Company owns 15% of shares.

Transneft and Chevron Corporation were actively engaged in the implementation of a large-scale project aimed at increasing the Tengiz–Novorossiysk Pipeline throughput capacity in 2010–2017. The world’s largest oil transportation company managed the Project jointly with NC KazMunaiGas and Chevron. Transneft entities took part in the construction of CPC greenfield facilities.

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The CPC Pipeline System is one of CIS largest energy investment projects that involves foreign capital. The length of the Tengiz – Novorossiysk pipeline is 1,511 km. This route moves over two thirds of all Kazakhstan export oil along with crude from Russian fields including those in the Caspian region. CPC Marine Terminal is equipped with three Single Point Moorings (SPM), allowing tankers to be loaded safely at significant distance offshore, including in poor weather conditions

CPC Shareholders: Federal Agency for State Property Management represented by Transneft (trustee) – 24%, CPC Company – 7%, KazMunayGas – 19%; Kazakhstan Pipeline Ventures LLC – 1.75%, Chevron Caspian Pipeline Consortium Company – 15%, LUKARCO B.V. - 12.5%, Mobil Caspian Pipeline Company - 7.5%, Rosneft-Shell Caspian Ventures Limited - 7.5%, BG Overseas Holding Limited - 2%, Eni International N.A. N.V. - 2%, and Oryx Caspian Pipeline LLC – 1.75%.