MOSCOW: Oil exports through the Caspian Pipeline Consortium (CPC) flowed smoothly and planned loadings are higher next month, despite a Russian court ruling ordering operations to be suspended, documents showed and two sources said on Friday.
The CPC, which transports oil from Kazakhstan to the Black Sea via one of the world’s largest pipelines, was ordered by a Russian court to suspend activity for 30 days on July 5.
The consortium, however, submitted an appeal and said the stoppage of the route might lead to irrevocable consequences.
CPC Blend crude oil exports were set to rise to 5.451 million tonnes for August from 4.862 million tonnes in a revised July plan, a loading schedule showed.
On a daily basis CPC Blend oil exports will rise by 12% in August compared with July’s revised plan, Reuters calculations showed.
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Oil loadings from the CPC terminal in Yuzhnaya Ozereyevka were uninterrupted as of July 8, the terminal report showed and two industry sources familiar with the matter told Reuters.
According to the report seen by Reuters, a vessel Delta Eurydice carrying 132,500 tonnes of CPC Blend oil and chartered by Litasco was about to sail from the terminal, while a Karekare vessel chartered by Karachaganak Petroleum Operating was loading 93,000 tonnes of oil.
All loadings were in line with the schedule and the terminal has not received any notification letters from the authorities ordering it to suspend operations, the sources said, speaking on condition of anonymity.
The CPC declined to comment on its current operation status.
Oil loadings of CPC Blend oil are expected to rise in August following the end of Kashagan oilfield maintenance, which should result in output increase from July.
The main CPC shareholders are Russian oil pipeline monopoly Transneft with 24%, Kazakhstan’s KazMunayGas (19%), Chevron Caspian Pipeline Consortium Company (15%) LUKARCO B.V (12.5%), Mobil Caspian Pipeline Company (7.5%) CPC Company (7%) and Rosneft-Shell Caspian Ventures Limited (7.5%).
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