Tengiz-Black Sea pipeline moving on towards 2001.

Apr 14, 1998 02:00 AM

The Tengiz-Black Sea oil pipeline known as the "CPC"- project (Caspian Pipeline Consortium) is scheduled to be put into operation in the fourth quarter of 2001, "LUKoil" president Vagit Alekperov said at a conference chaired by Acting First Vice-Premier Boris Nemtsov.
According to Alekperov, LUKoil and Chevron have already signed a schedule for the construction of the oil pipeline.
Until October 1, it is necessary to complete the process of drafting all documents authorising the realisation of the project, Alekperov said. At issue are the substantiation of investments and technical-economic substantiation of the construction of the oil pipeline.

Boris Nemtsov said at the conference that the Fuel and Energy Sector shall be ready by summer 1998 and heads of the regions on whose territories the pipeline is to be built shall complete allotment of land for the pipeline until June 1,1998. "There are quite a few people wishing to impede the realisation of this biggest international projectfor Russia and we must not violate our obligations," Nemtsov said.
He pointed out that other ways of transporting the Tengiz oil existed, including by routes to bypass Russia.
Nemtsov described a project of the construction of the oil pipeline along the bottom of the Caspian Sea in the direction of Baku and subsequently extending to Turkey as "the most dangerous" for Russia.

A protocol signed as a result of the conference stipulates that the Russian Ecological Committee shall prepare additional documents in April on the substantiation of investments and make a final decision on the choice of the location of reservoir facilities and an oil sea terminal.
The city of Novorossiysk-2 has been mentioned at the conference as the most likely place of the location of the oil sea terminal.

The Caspian Pipeline Consortium was created in 1992 for the construction of the 1.500 km oil pipeline running from the Tengiz field in Kazakhstan to an oil sea terminal in the Black sea with an estimated capacity of67 million tons of oil a year. The total cost of the project was initially estimated at $ 2.2 - $ 2.5 billion
The shares of participation in the project are: Russia - 24 %, Kazakhstan - 19 %, and Oman - 7 %.
Companies taking part in the Consortium have divided their 50% as: Chevron -15 %, Mobil -7.5 %, Rosneft - 7.5 %, Oman Oil - 7 %, British Gaz - 2 % and Agip 2 %.

Source: not available
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