Caspian CPC Crude Daily Exports to Rise by 2.5% in June
The Caspian Pipeline Consortium, which operates the only oil export pipe in Russia with foreign shareholders, will boost daily crude exports for June from the Black Sea by 2.5 percent from this month, according to a preliminary loading program obtained by Bloomberg News.
The group, known as CPC, will ship 24 cargoes totaling 2.399 million metric tons, the schedule showed. That’s equal to 18.6 million barrels, or 621,341 barrels a day, compared with 606,311 barrels for May.
The CPC pipeline, in which Chevron Corp. (CVX) is the biggest corporate shareholder with a 15 percent stake, carries crude from Kazakhstan’s western fields to the terminal close to Russia’s Novorossiysk port on the Black Sea. Russia owns 31 percent and Kazakhstan 20.75 percent. Exxon Mobil Corp., OAO Lukoil and a joint venture between OAO Rosneft and Royal Dutch Shell Plc (RDSA) are among the other shareholders.
Loading programs are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.
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