Nur-Sultan, July 12 - Neftegaz.RU. The Caspian Pipeline Consortium (CPC) said the company plans a new modernisation project, which will increase the transportation of Kazakh oil from the current 61 million tonnes of oil per year to 72.5 million tonnes per year, NewEurope reported.
CPC Gen. Director Nikolay Gorban told reporters in Atyrau the Consortium shareholders currently reviewed and agreed to implement a Comprehensive Programme for upgrading the CPC oil pipeline system.
“According to the received forward-looking applications of shippers, it is expected that the volume of oil supplies from Kazakhstan to CPC will exceed the current throughput capacity of the pipeline system starting from 2022. In this regard, the CPC will need to modernise the pipeline system to be ready for Kazakh oil,” Gorban said.
After completion of the modernisation, the capacity of the system will ensure the transportation of Kazakh oil to at least 72.5 million tonnes of oil per year. According to him, CPC should provide opportunities for receiving additional volumes of Kazakh oil in CPC from mid-2022.
Secondly, the Consortium plans to complete the modernisation by December 2023. The cost of the modernisation project for the period 2019-2023 will be $599.9 million.