CPC oil deliveries fall 25% to 13.4 mln t in Q1

MOSCOW. May 25 (Interfax) - The Caspian Pipeline Consortium (CPC) delivered 13.415 million tonnes of oil in the first quarter of 2026, Kazakhstan's national oil and gas company KazMunayGas (KMG), one of the shareholders in the consortium, reported.

The CPC transported 17.849 million tonnes of oil in the first quarter of 2025, so deliveries in the first quarter of this year fell 24.8%.

KMG accounted for 2.78 million tonnes of the oil transported through the CPC in the quarter.

Only two of the three single point moorings (SPM) at CPC's terminal on the Black Sea have been operational since November 2025, as a drone boat attack destroyed SPM-2 on November 29. The consortium is working on replacing the mooring. When operating normally, the CPC terminal offloads oil with two SPMs and has one as a backup.

The 1,500-km CPC pipeline, connecting oil fields in western Kazakhstan and Russian offshore fields in the Caspian Sea to a marine terminal in Novorossiysk, is the main export route for Kazakh oil, accounting for more than 80% of Kazakhstan's pipeline crude exports. The CPC can now carry 72.5 million tonnes of crude from Kazakhstan and up to 83 million tonnes through Russia.

The consortium increased oil shipments by 12% to 70.52 million tonnes in 2025 and is expected to carry 72 million tonnes this year.

The CPC's shareholders are Russia with 31% (24% managed by Transneft, 7% on balance sheet); Kazakhstan with 20.75% (represented by KazMunayGas with 19% and Kazakhstan Pipeline Ventures LLC with 1.75%); Chevron Caspian Pipeline Consortium Company with 15%; Lukoil International GmbH with 12.5%; Mobil Caspian Pipeline Company with 7.5%; Rosneft-Shell Caspian Ventures Limited with 7.5%; BG Overseas Holding Limited with 2%; Eni International N.A. N.V. with 2%; and Oryx Caspian Pipeline LLC with 1.75%.