MOSCOW, June 23. /TASS/. The European Union has introduced a number of exemptions from export bans to ensure maintenance of the Caspian Pipeline Consortium's pipeline, as well as extending exemptions for Japan, which buys Sakhalin oil, according to a press release from the European Council.

"Insertions of strict and very targeted derogations to the existing export bans to enable the maintenance of the CPC (Caspian Pipeline Consortium) pipeline which transports Kazakh oil to the EU through Russia," the statement says.

The EU also extended the exception to the oil price cap for Sakhalin oil for Japan (until 31 March 2024).

In December, the countries of the Group of Seven (G7), the EU and Australia introduced a cap on the price of Russian oil supplied by sea at the level of $60 per barrel for their subordinate vessels and territories.

About CPC

In March, CPC reported that it had found in Russia a replacement for 96.8% of foreign equipment positions, for which it was required to find alternative suppliers and manufacturers.

The CPC is a pipeline system linking Kazakhstan with a seaport near Novorossiysk, where oil is loaded onto tankers for shipment to world markets. The length of the pipeline connecting the oil fields of Western Kazakhstan with the sea terminal in Novorossiysk is 1,511 km. CPC shareholders are Russia (represented by the Federal Property Management Agency - 24% and CPC Company - 7%) - 31%; Kazakhstan (represented by KazMunaygas - 19% and Kazakhstan Pipeline Ventures LLC - 1.75%) - 20.75%; 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%.

Transneft is the trustee of the federally owned 24% stake in CPC-R JSC and CPC-K JSC and the owner of 100% stake in CPC Company.