The Caspian Pipeline Consortium (CPC) has stopped loading oil due to bad weather in the Black Sea; oil is being received from shippers at reduced rates due to the high filling of tanks, Report informs, citing the company.
“The captain of the seaport of Novorossiysk announced a storm warning, following which oil loading at the CPC marine terminal was stopped, tankers were diverted to waiting areas. The company's tank farms are almost full. In this regard, oil is received from shippers at reduced rates,” said the company.
The CPC oil pipeline system is the largest route for transporting oil from the Caspian region to global markets. The main pipeline, 1,500 kilometers long, connects the fields of Western Kazakhstan with the Russian Black Sea coast, where oil is loaded onto tankers through the CPC sea terminal. Among the largest shareholders of the consortium are Russia (Transneft), Kazakhstan (Kazmunaigas), Chevron, Lukoil, ExxonMobil, Rosneft JV and Shell.