• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 2 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 24 mins Tesla Closing a Dozen Solar Facilities in Nine States
  • 2 hours Could Venezuela become a net oil importer?
  • 38 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 11 hours Why is permian oil "locked in" when refineries abound?
  • 2 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 14 hours Teapots Cut U.S. Oil Shipments
  • 10 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 5 hours Saudi Arabia turns to solar
  • 14 hours Oil prices going down
  • 19 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 15 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 2 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 15 hours Putin Says 'Fierce' U.S. Politics Hindering Summit With Trump
  • 4 hours EVs Could Help Coal Demand
Cashing In On The Coming $10 Trillion Crypto Boom

Cashing In On The Coming $10 Trillion Crypto Boom

Perhaps the fastest-growing niche in…

What Will Follow The Age Of Oil?

What Will Follow The Age Of Oil?

Natural gas production is exploding…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Caspian Pipeline To Boost Oil Exports In 2017

Caspian pipeline

The Caspian Pipeline—which runs from the giant Tengiz oil field in Kazakhstan to a sea terminal near Novorossiysk in Russia—plans to increase its exports to the world markets to 65 million tons this year from 44.28 million tons last year, Nikolay Gorban, director general of the Caspian Pipeline Consortium (CPC), said on Friday.

The export plan for this year, based on nominations submitted by shippers, will add more oil to the global market at the time when OPEC is trying to restrict production in bid to reduce oversupply and prop up oil prices.

The planned increase in oil exports via CPC is 47 percent, and this year’s exports of 65 million tons equal 1.3 million barrels per day, according to Reuters.

CPC’s Gorban was speaking to reporters at the launch of two new pumping stations along the Caspian Pipeline route that will raise the pipeline’s capacity by up to 10 million tons annually. Another three pumping stations will be put into operation by the end of this year, lifting the pipeline capacity to 67 million tons per year, Gorban noted.

Last year, CPC’s revenue grew by 7 percent annually to US$1.6 billion, due to higher oil transportation volumes. Profit jumped 18 percent to come in at US$237 million in 2016, Gorban said.

Related: 3 Reasons Natural Gas Is Heading A Lot Higher

Referring to the 2017 oil exports plan, the manager said that the Kashagan field in Kazakhstan will account for 11 million tons out of the 65-million oil exports this year, compared to 803,362 tons the field contributed in 2016.

The joint venture operating Kashagan, North Caspian Operating Company, said in January this year that it was ramping up production at the field to a capacity of 180,000 bpd, following the resumption of output in September last year.

CPC’s top three shareholders are Russia with 31 percent, Kazakhstan with a 20.75-percent interest, and Chevron Caspian Pipeline Consortium Company with 15 percent.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News