Caspian pipeline oil exports on schedule, Kazakhstan says
FILE PHOTO: An interior view shows a new pumping station of the Caspian Pipeline Consortium (CPC) near the city of Atyrau, Kazakhstan October 12, 2017. REUTERS/Mariya Gordeyeva/File Photo
ASTANA : Kazakhstan's oil exports are on schedule via its main oil export route, the Caspian Pipeline Consortium (CPC), the country's energy minister said on Wednesday, despite damage to a pumping station from a drone attack last week.
The Kropotkinskaya pumping station in Russia's southern Krasnodar region was hit by a Ukrainian drone attack on February 17, sparking market concerns about supply from Kazakhstan, supplier of more than 1 per cent of the world's oil.
Energy Minister Almasadam Satkaliyev told reporters at a briefing that there were no restrictions on oil intake, while oil storage is large enough for stable operations.
"So far there is no risk of a decrease in tanker loading volumes," he said.
The pipeline carries oil from Kazakhstan as well as Russian fields to Russia's Black Sea port of Novorossiisk and news of possible disruptions to supply have impacted global oil markets.
Russian President Vladimir Putin has said repairing the damage would be challenging as it would require Western equipment currently subject to sanctions.
The consortium said earlier on Wednesday that damage to the pumping station will take two months to repair. It has said it is rerouting flows to bypass the damaged pumping station in the meantime.
U.S. majors Chevron and ExxonMobil are among its shareholders alongside the Russian state, Russian firm Lukoil, and Kazakhstan's KazMunayGas.
The pipeline delivered 63 million metric tons of oil (around 1.3 million barrels per day) in 2024, CPC said, adding its exports this year stood at 9.8 million tons as of February 23.
It reported revenue of $2.3 billion for 2024 with a payout to shareholders of $1.3 billion in dividends, both little changed from a year earlier.
OPEC+ OUTPUT PLEDGE, LEGAL CASESKazakhstan has produced more oil than allowed under a pact agreed by OPEC+, the world's largest group of oil-producing countries.
Satkaliyev said Kazakhstan was taking all necessary measures to fulfil its production obligations under that deal.
He also said the Central Asian country was open to settling legal disputes with Western oil producers.
Kazakhstan has clashed for years with international oil companies over costs, bringing multi-billion-dollar claims against them in 2023.
"We have always declared this and confirm our readiness to resolve disputes within the framework of relevant agreements," he said.
