November 24, 2010 17:00
CPC pipeline expansion to cost over $5 bln - source (Part 2)
MOSCOW. Nov 24 (Interfax) - It will cost more than $5 billion to expand the Caspian Pipeline Consortium (CPC) oil pipeline, a source close to the consortium's shareholders told Interfax.
"The CPC expansion will cost more than $5 billion. There are real, objective reasons - the higher cost of tubular products and pumps, electricity charges plus inflationary trends. All this has an impact," the source said.
The source also said the CPC's operating budget for 2011, not including the expansion costs, would be $300 million.
The CPC's phased expansion was originally estimated at $4.6 billion. The expansion is aimed at boosting throughput capacity from 32 million to 67 million tonnes or, if anti-friction additives are used, to 76 million tonnes. The project foresees the construction of ten additional oil-pumping stations (two in Kazakhstan and eight in Russia), six reservoirs for oil storage near Novorossiisk and a third single buoy mooring at CPC's sea terminal. The consortium also plans to replace 88 kilometers of pipeline in Kazakhstan.
Existing pumping stations should now be modernized, the 88 km of pipeline in Kazakhstan replaced and the mooring built by 2012 in order to increase the system's capacity to 35 million tonnes from 28 million tonnes.
The second phase, which should raise capacity to 48 million tpa, should be implemented in 2013 and will see five new pumping stations and three new 100,000 cu m tank farms built at the sea terminal.
The third phase, in which another five pumping stations and three 100,000 cu m reservoirs will be built and throughput capacity augmented to 67 million tpa, is planned for 2014.
The CPC's sovereign shareholders are Russia with 31% (managed by Transneft (RTS: TRNF) - 24% and CPC Company - 7%) and Kazakhstan has 20.75% (KazMunaiGas - 19% and Kazakhstan Pipeline Ventures LLC - 1.75%). The rest of the consortium belongs to private companies: Chevron Caspian Pipeline Consortium Company (15%), LUKARCO B.V. (12.5%), Rosneft-Shell Caspian Ventures Limited (7.5%), Mobil Caspian Pipeline Company (7.5%), Eni International (N.A.) N.V. (2%), BG Overseas Holding Ltd (2%) and Oryx Caspian Pipeline LLC (1.75%).
(Our editorial staff can be reached at email@example.com)
January 31, 2015
LPR negotiator accuses Kyiv of inability to control armed forces (Part 2)
DPR, LPR demand immediate ceasefire
DPR, LPR: Kuchma status at peace talks insufficient for signing final document
LPR negotiator accuses Kyiv of inability to control armed forces
DPR, LPR leaders to come to Minsk if Ukraine ceases fire - negotiator
PUSHILIN: ARRIVAL OF DPR, LPR LEADERS FOR MINSK TALKS CONDITIONAL ON POROSHENKO CEASEFIRE ORDER
PUSHILIN: DATE OF NEXT ROUND OF MINSK TALKS DEPENDS ON KYIV
PUSHILIN: UKRAINE REFUSES TO WITHDRAW HEAVY ARMS FROM DE FACTO SEPARATION LINE, WANTS TO STICK TO SEPT 19 LINE
PUSHILIN: ALL THAT KUCHMA'S STATUS SHOULD WARRANT IS TO PREPARE DOCUMENTS AS HE CANNOT BE ACCOUNTABLE FOR COMPLIANCE WITH THEM
DEINEGO CLAIMS THAT KYIV CANNOT CONTROL ITS ARMED FORCES, THAT THIS IS CAUSE OF FIGHTING OUTBREAK IN EAST UKRAINE
PUSHILIN: DPR, LPR LEADERS TO COME TO MINSK TO SIGN FINAL DOCUMENT WHEN SHELLING OF POPULATED AREAS IN EAST UKRAINE STOPS
PUSHILIN: DPR, LPR OPEN TO DIALOGUE, REJECT ULTIMATUMS
PUSHILIN SAYS DPR, LPR LOYAL TO MINSK MEMO, ACCUSES UKRAINE OF BLOCKING PEACE PROCESS ALL THE TIME