In 2024, the Caspian Pipeline Consortium's marine terminal shipped 63,009,481 tons of oil on 584 oil tankers, as reported by the business information center Kapital.kz, citing the press service of the CPC.
It is specified that the largest volumes of oil received into the CPC pipeline system in 2024 came from the Tengiz, Karachaganak, and Kashagan fields, accounting for 26,819,535 tons, 9,816,458 tons, and 17,209,596 tons of oil, respectively. Thus, from 2001 to December 31, 2024, a total of 951,086,380 tons of oil were supplied to global markets through the Tengiz – Novorossiysk pipeline system.
“According to the shipper application campaign for 2024, the projected volumes were around 70 million tons of oil. This figure was included in the CPC budget, which planned the financial expenditures of the company for capital and operational projects, reserving energy capacities for oil transportation, purchasing anti-friction additives, and other costs associated with ensuring the safe, accident-free, and stable operation of the Tengiz – Novorossiysk pipeline,” the consortium reported.
It is noted that in May 2024, the governing bodies of the CPC raised the issue of an expected 7% reduction in oil transportation volumes compared to the figures laid out in the budget. The decrease in projected volumes until the end of 2024 was attributed to unfulfilled preliminary applications from shippers.
As explained, this factor significantly impacts the consortium's profitability and the amount of dividends paid to CPC shareholders.
“The Caspian Pipeline Consortium reports that in 2024, all volumes of oil that were actually delivered to the Tengiz-Novorossiysk system were transported to the CPC marine terminal and loaded onto tankers. Furthermore, there were no emergency or unscheduled halts in oil pumping in 2024, and there were no other factors from the consortium that could have influenced the reduction of oil production by CPC shippers or their failure to meet preliminary pumping requests,” the information stated.
The timelines for planned preventive maintenance of the CPC are communicated in advance to all shippers and are also taken into account by the Ministry of Energy of Kazakhstan when forming the annual oil transportation schedule through the Tengiz – Novorossiysk pipeline. Thus, the planned operation of all participants in the oil extraction and transportation process through the CPC pipeline is ensured, the consortium concluded.