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Caspian Pipeline January Oil Exports Fell 12% From Year Earlier

The Caspian Pipeline Consortium, which operates the only crude export pipeline in Russia with foreign shareholders, said oil shipments through its terminal at Novorossiysk fell 12 percent in January.

The terminal shipped 2.603 million metric tons, compared with 2.943 million tons a year earlier, CPC said on its website. About 20.48 million barrels were shipped last month, according to CPC.

The CPC pipeline, whose biggest corporate shareholder is Chevron Corp. (CVX) with a 15 percent stake, runs from Kazakhstan to the Black Sea. Russia owns 31 percent while Kazakhstan owns 20.75 percent. Exxon Mobil Corp. (XOM), OAO Lukoil and a joint venture between OAO Rosneft and Royal Dutch Shell Plc (RDSA) are among other shareholders.

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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