MOSCOW (Dow Jones Newswires), July 1, 2011
The Chevron-led Caspian Pipeline Consortium Friday said it has started a $5.4 billion expansion to double capacity to 1.4 million barrels a day by 2015.
"The capacity of the 900-mile [1500 kilometer] pipeline, which carries crude oil from Western Kazakhstan to a dedicated terminal in the Black Sea, will increase to 1.4 million barrels a day from its current capacity of 730,000 barrels a day," Chevron said in a statement.
The project will be implemented in three phases with capacity increasing progressively from 2012 to 2015, Chevron said.
The pipeline, which has been operating for ten years, ships crude from the Tengiz and Karachaganak fields in Kazakhstan to Russia's Black Sea port of Novorossiysk.
CPC shareholders include Lukoil Holdings, Transneft, Shell, ExxonMobil), Kazakhstan's KazMunaiGas and Italy's Eni.
Copyright (c) 2011 Dow Jones & Company, Inc.
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