Pipeline Operator CPC to Spend $200 Million to Resolve Bottleneck Issues, $100 Million on Repair Work
(Reuters) — The Caspian Pipeline Consortium (CPC) plans about $300 million of investments in 2023, the RIA news agency quoted CPC head Nikolai Gorban as saying on Thursday.
The CPC, which handles about 1% of global oil, will spend roughly $200 million to complete its program to remove bottlenecks, Gorban said.
He added that about $100 million would be allocated for the replacement of pumps and valves as well as repair work.
Gorban said that CPC plans to replace two of its three single point mooring (SPM) facilities in 2026. Until then the design and manufacture of spare parts for the facilities will be carried out in Russia because of difficulties in obtaining foreign components.
CPC suspended oil loadings several times in 2022 because of unplanned maintenance on SPM faciltiies.
The main CPC shareholders are Russian oil pipeline monopoly Transneft (24%), Kazakhstan's KazMunayGas (19%), Chevron Caspian Pipeline Consortium Company CVX.N (15%), Lukarco B.V (12.5%), Mobil Caspian Pipeline Company (7.5%), CPC Company (7%) and Rosneft-Shell Caspian Ventures Limited (7.5%).
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