Caspian Pipeline Consortium Sees 7% Increase in Oil Exports Year-on-Year in January

(Reuters) — The Caspian Pipeline Consortium (CPC) increased crude oil exports by 7% in January from the same month a year ago to 6.116 million metric tons (1.55 million barrels per day), industry sources told Reuters on Tuesday.

CPC declined to comment.

CPC, which transports Kazakh oil via a Black Sea terminal, lifted oil exports last year by 8% to 63.474 million tons. It plans to raise shipments to more than 70 million tons this year.

The consortium handles more than 80% of oil exported from Kazakhstan.

The main CPC shareholders are Russian oil pipeline monopoly Transneft with 24%, Kazakhstan's KazMunayGas (19%), Chevron Caspian Pipeline Consortium Company (15%), LUKARCO B.V. (12.5%), Mobil Caspian Pipeline Company (7.5%), CPC Company (7%) and Rosneft-Shell Caspian Ventures Limited (7.5%).

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