The Caspian Pipeline Consortium (CPC) starts to deliver oil to world markets. CPC Director General Sergei Gnatchenko said at a Moscow press conference that the first tanker has been loaded at the new CPC terminal in Novorossiisk on the Black Sea. The company Tengizshevroil chartered the tanker.
Oil comes to the CPC terminal from the Tengiz field in Western Kazakhstan. Oil pumping into the CPC pipeline started March 26, 2001 in Kazakhstan's Atyrau. About 1 million tons of oil was necessary to fill the system up.
After the construction of the first section of the pipeline from Tengiz to Novorossiisk, 1510 km in overall length, is completed, the pipeline's capacity will total 28.2 million tons of oil a year. When a number of extensions are added, the maximum carrying capacity of the pipeline will amount to 67 million tons a year.
Kazakhstan's Ambassador to Russia Tair Mansurov, who was present at the press conference, said that the CPC project sets a good example of successful international cooperation. Eleven companies from six countries have shown that it is possible to implement an international investment project with total value of $2.6 billion in Russia and Kazakhstan.
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