August 27, 2012 19:31
CPC resumes oil pipeline operations after planned shutdown
MOSCOW. Aug 27 (Interfax) - The Caspian Pipeline Consortium's (CPC) Tengiz-Novorossiysk Mainline Pipeline has resumed operations after a planned shutdown used to boost the system's capacities, CPC said in a press release.
"CPC was shut down from 21 till 24 August 2012. The shutdown was the second in a series scheduled for this year and was used to tie-in some new equipment and to replace some block valves," it said. The first shutdown occurred on May 22. Planned measures were undertaken at CPC's facilities over the course of three days.
"Similar to the first tie-in, this shutdown will lead to some decrease in oil movement volumes through the CPC System, yet the successful completion of the tie-in is necessary for effective delivery of Phase 1 of the Expansion Project," the press release said.
"Concerted effort on the part of CPC personnel, strict compliance with industrial safety standards and also full and thorough preparations allowed the complex job to be completed as scheduled and without any delays," it said.
The 1,511-km CPC pipeline runs from the Tengiz oil field in West Kazakhstan to the Russian Black Sea coast. Last year, oil shipments at the sea terminal totaled 32 million tonnes. As a result of the expansion, the pipeline's capacity will be gradually raised to 67 million tonnes.
"The Expansion Project includes rehabilitation of five existing and construction of ten additional pump stations (two in the Republic of Kazakhstan and eight in the Russian Federation), six crude oil storage tanks near Novorossiysk and a SPM at the CPC Marine Terminal, and also the replacement of a 88 km pipeline section in Kazakhstan with a larger diameter pipe. The total amount of the Project investments will be $5.4 billion," the press release said.
According to CPC's data, shipments totaled 17.8 million tonnes in January-July 2012, whereas a year ago they came to 18.97 million tonnes. In July alone shipments fell by 2.6% year-on-year.
The company's sovereign shareholders are Russia with 31% of the shares, managed by Transneft (RTS: TRNF) (24%) and CPC Company - (7%); and Kazakhstan with 20.75% (stake is managed by KazMunayGas (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%).
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