Caspian CPC Crude Exports to Rise to Six-Year High in FebruarySherry Su
The Caspian Pipeline Consortium will boost daily crude exports in February to the most in at least six years, a preliminary loading program obtained by Bloomberg News showed.
CPC, operator of the only oil-export link in Russia that has shared foreign ownership, will ship 2.83 million metric tons in February, compared with 3.09 million tons this month, the schedule showed. That’s equal to 784,076 barrels a day, the most since January 2008 when Bloomberg started tracking the data, and is up 1.2 percent from January.
The program comprises 10 cargoes of 135,000 to 135,500 tons each and 17 consignments of 85,000 to 90,000 tons.
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.
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