Europe

Kazakh oil goes through Turkey, not Russia

Interior view of the new pumping station of the Caspian Sea Pipeline Consortium (CPC) near the city of Atyrau, Kazakhstan, October 12, 2017. [Mariya Gordeyeva/Reuters]

Kazakhstan’s state-owned oil company Kazmunaigas (KMG) has signed a preliminary agreement with the trading arm of Azerbaijan’s state-owned SOCAR to be able to sell 1.5 million tonnes of Kazakhstan crude oil per year through the Azeri pipeline, which will carry oil to Turkey’s Mediterranean port of Ceyhan. Negotiations are said to be underway.

Kazakhstan’s oil is expected to begin flowing through Azerbaijan’s largest oil pipeline from September as the country seeks alternatives to the route Russia threatened to close, said a person familiar with the matter. Kazakhstan’s oil exports account for more than 1% of the world’s supply, or about 1.4 million barrels per day (bpd), said a person familiar with the matter. For 20 years they have been shipped through his CPC pipeline to the Russian Black Sea port of Novorossiysk, which provides access to global markets.

In July, a Russian court threatened to close CPC and urged the Kazakh government and major foreign producers to sign contracts with other distributors as a precautionary measure. , there is a risk of further volatility in energy markets. That’s just over 30,000 bpd in volume compared to the normal 1.3-1.4 million bpd that goes through the CPC.

[Reuters]



https://www.ekathimerini.com/economy/1191138/kazakh-oil-to-flow-through-turkey-instead-of-russia/ Kazakh oil goes through Turkey, not Russia

Back to top button