(NOVOROSSIYSK, RUSSIA) – The Caspian Pipeline Consortium has restarted oil loading operations at its marine terminal in the port of Novorossiysk. The move allows Kazakh oil producers to resume full export flows through the Black Sea route.
Kazakhstan’s Energy Ministry confirmed on Monday that two tankers, Seamajesty and Milos, were receiving crude at the consortium’s offshore mooring points. Both vessels were being loaded with oil from Tengizchevroil LLP.
The resumption of intake at the terminal means producing companies can once again feed crude into the CPC pipeline system and ship it out through the marine facility. The consortium handles more than 80 percent of all Kazakh oil exports. The bulk of that volume comes from the giant Caspian fields of Tengiz, Kashagan and Karachaganak.
CPC had planned to move about 1.6 million barrels per day through the terminal in July. At current Brent crude prices near 80 US dollars per barrel, that daily volume is worth roughly 128 million US dollars, or about 101 million British pounds and 116 million euros.
The consortium’s shareholders are Russia with a 31 percent stake, Kazakhstan with 20.75 percent, energy major Chevron with 15 percent, and a group of private companies.
Kazakh oil production fell after the terminal halted operations. The Black Sea facility is the main export point for Kazakh crude and has recently been targeted by drone attacks.