VOL. XLV

No 27

8-July-2002

CASPIAN

CPC Granted Marine Terminal License

Russia’s Ministry of Transportation on 14 June awarded the Caspian Pipeline Consortium (CPC) an operating license to conduct all loading and unloading activities at the CPC’s marine terminal at the Black Sea port of Novorossysk. The license is renewable every five years and was granted without any limitations, allowing CPC to increase crude oil exports for both Russian and Kazak crude, a statement released by CPC on 1 July said. The decision verifies that all requirements for construction, safety and environmental protection have been met successfully. The loading of the first oil tanker at the CPC terminal on 13 October 2001 started the comprehensive testing phase of the CPC-R (Russia) Marine Terminal. Russia’s Interfax news agency recently reported that the CPC plans to reach its initial capacity of 570,000 b/d (28.5mn tons/year) during the summer of 2003, followed shortly thereafter by work to expand reservoir capacity and increase the number of compressor stations.

Copyright © 2002 Middle East Economic Survey