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Caspian pipeline oil exports up 4% in 2016

Caspian pipeline oil exports up 4% in 2016

WASHINGTON: Oil exports via the Caspian Pipeline rose 3.6 percent to 44.3 million tonnes in 2016, data from the Caspian Pipeline Consortium (CPC) showed on Monday. Exports are expected to jump by around 40 percent this year as CPC wraps up a five-year expansion plan.

The pipeline connects the Tengiz field in Kazakhstan, and a number of other fields, to the sea terminal near Novorossiisk in Russia. CPC’s top shareholders are Russia with 24 percent, Kazakhstan with 20.75 percent and Chevron with 15 percent.