Caspian CPC Crude August Exports to Fall by 9.7% From JulySherry Su
The Caspian Pipeline Consortium, operator of the only oil-export link in Russia that has shared foreign ownership, will cut daily crude exports from the Black Sea in August by 9.7 percent, a preliminary loading program obtained by Bloomberg News showed.
The group, known as CPC, will ship 2.611 million metric tons next month, compared with 2.89 million tons in July, according to the schedule. That’s equal to 654,435 barrels a day, compared with 724,490 barrels this month, the most since November 2010.
The program comprises nine cargoes of 134,000 to 135,500 tons each and 16 consignments of 85,000 to 93,500 tons, according to the document.
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 of the pipeline and Kazakhstan 21 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.