Caspian Pipeline Crude Exports Fall in May 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 in May.

The terminal shipped 2.397 million metric tons, or 18.8 million barrels, compared with 2.508 million tons, or 19.7 million barrels, a year earlier, CPC said on its website.

The CPC pipeline, whose biggest corporate shareholder is Chevron Corp. 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., OAO Lukoil and a joint venture between OAO Rosneft and Royal Dutch Shell Plc 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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