CPC Eyes Significant Boost in 2024 Crude Oil Exports

SEATTLE (Oil Monster): The Caspian Pipeline Consortium (CPC) announced plans to significantly boost its crude oil shipments in 2024.

According to Nikolai Gorban, General Director, CPC, crude oil exports recorded surge by 8% in 2023 to total 63.5 million tonnes. This is inclusive of 56 million tonnes from Kazakhstan exporters. The consortium targets to ship 70 million tonnes of crude oil during the current year, which is higher by 10% from 2023 exports.

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The CPC press service noted that the consolidated profits touched $2.3 billion in 2023. The figure is expected to increase by 8.7% in 2024 to approximately $2.5 billion. The capital expenditure, which totalled $86.3 million last year, is projected to more than double to $199.7 million, it said.

Over the next few years, CPC plans to replace nearly 400 kilometres of the linear part of the main pipeline. The first phase of the replace works comprising of 27 kilometres had commenced in December 2023. CPC will start replacing two single-point moorings (SPM) in 2026. It must be noted that these SPMs have been in operation since 2001 and are due for replacement.

In related news, CPC announced that it has resumed standard operation of the company’s Marine Terminal.