Logo
  Friday, August 23, 2019
Sign-In  |  Sign-Up  |  Contact Us  |  Bookmark 

British oil major BP has agreed with Kazakhstan's KazMunaiGaz
British oil major BP has agreed with Kazakhstan's KazMunaiGaz to sell its stake in a joint venture that holds 1.75% of the Caspian Pipeline Consortium (CPC), a source in Russian pipeline monopoly Transneft said on Wednesday.

BP holds 6% in the Caspian Pipeline Consortium, designed to carry Kazakh and Russian crude to a terminal on the Black Sea. The company owns the stake through two joint ventures, one with national oil and gas company KazMunaiGaz (Kazakhstan Pipeline Venture, a stake of 19%), and the other with Russia's largest independent crude producer LUKoil (Lucarco B.V. a 49% stake).

Transneft operates Russia's 31% stake in the CPC on behalf of the state.

The CPC was originally established in 1992 by the governments of Russia, Kazakhstan and Oman to build an oil pipeline from Kazakhstan to export routes through the Black Sea, and was later joined by international private companies. In October, Oman sold its entire 7% stake in the CPC to Russia and withdrew from the project.

The CPC, which was commissioned in October 2001, currently has capacity of around 30 million metric tons of oil per year and is expected to double it by 2012.

Meanwhile, a BP spokesman said the company was also holding talks with LUKoil on selling its stake in the CPC and the joint venture with the Russian crude producer.

The Transneft source said none of the CPC shareholders would object to BP's withdrawal from the project.


Print British oil major BP has agreed with Kazakhstan's KazMunaiGaz Bookmark British oil major BP has agreed with Kazakhstan's KazMunaiGaz

Related News   
NovDecember 2008Jan
MoTuWeThFrSaSu
24252627282930
1234567
891011121314
15161718192021
22232425262728
2930311234