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Caspian Pipeline Consortium to invest $150 mln in expansion in 2017

January 31, 2017, 16:12 UTC+3 MOSCOW

Investment program for 2017 is planned at around $70 mln

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MOSCOW, January 31. /TASS/. The Caspian Pipeline Consortium (CPC) plans to invest $150 mln in its expansion this year, General Director Nikolay Gorban said Tuesday.

"This year around $150 mln (will be invested - TASS), last year’s investment equaled $200 mln," he said.

According to Gorban, the consortium has already expanded its capacities to 52 mln tonnes per year, while the plan is to reach 67 mln tonnes by the end of this year. Investment program for 2017 is planned at around $70 mln, he added.

The CPC increased profits in 2016 compared with 2015 by 18% to $237 mln, according to documents released on Tuesday. Revenues went up by 7% to $1.6 bln backed by an increase in the volume of transported oil.

As was reported earlier, CPC increased supplies of crude oil through its terminal by 3.6% year-on-year in 2016 to 44.317 mln tonnes.

CPC’s main shareholders are the Russian Federation (31% stake represented by Transneft - 24% and CPC Company - 7%); Republic of Kazakhstan (20.75% stake represented by KazMunayGaz - 19% and Kazakhstan Pipeline Ventures LLC - 1.75%); Chevron Caspian Pipeline Consortium Company (15%), Lukarco B.V. (12.5%), Mobil Caspian Pipeline Company (7.5%), Rosneft-Shell Caspian Ventures Limited (7.5%), BG Overseas Holding Limited (2%), Eni International N.A. N.V. (2%) and Oryx Caspian Pipeline LLC (1.75%).

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