The Caspian Pipeline Consortium (CPC) said on Friday that a Russian court ruled that its Black Sea export terminal facilities should not be suspended, in a major victory for the Western-backed consortium.The
The Caspian Pipeline Consortium (CPC) said on Friday that a Russian court ruled that its Black Sea export terminal facilities should not be suspended, in a major victory for the Western-backed consortium.
The decision looks set to avert a potential fall in Kazakhstan's oil production and supplies via the CPC, which accounts for around 80% of the country's oil exports.
Industry sources told Reuters about a flurry of diplomatic activity over the pipeline's operations between Russia and Kazakhstan before the court ruling.
Russia's oil pipeline monopoly Transneft said on Thursday that its head, Nikolai Tokarev, met the CEO of Kazakh state energy company KazMunayGaz, Askhat Khassenov, in Moscow. Both companies are large CPC stakeholders.
Transneft did not mention CPC directly in its statement about the meeting.
Russia's transport regulator this month ordered CPC, whose shareholders include Chevron and Exxon Mobil, to suspend operations at two of the three moorings at its Black Sea export terminal after snap inspections following a massive oil products spill in December.
The court, having considered the inspection, ruled to hold the Russian part of the CPC consortium liable and imposed an administrative fine of 200,000 roubles ($2,357) without suspension of the exporting facilities, CPC said
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