Caspian CPC Crude Exports for July to Rise
The Caspian Pipeline Consortium, operator of the only oil-export link in Russia that has shared foreign ownership, will increase daily crude exports from the Black Sea in July to the highest in more than two years, a final loading program obtained by Bloomberg News showed.
The group, known as CPC, will ship 2.89 million metric tons, compared with 2.699 million tons in June, according to the schedule. That’s equal to 724,490 barrels a day, the most since November 2010, compared with 699,041 barrels last month.
The program comprises seven cargoes of 134,000 to 135,500 tons each and 23 consignments of 85,000 to 93,500 tons.
The volume in the final program is higher than 2.757 million tons in the provisional plan released on June 12.
The CPC pipeline, in which Chevron Corp. is the biggest corporate shareholder with a 15 percent stake, carries crude from Kazakhstan’s western fields to a terminal near 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 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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