MOSCOW, November 27. /TASS/. Oil exports via the Caspian Pipeline Consortium’s (CPC) Novorossiysk sea terminal totaled over 53 mln tons in January-October 2024, the company said in a statement.

"Year-to-date through October 31, CPC transported over 53 million tons of crude oil for export, the volumes being loaded on 492 tankers," the statement reads.

CPC said at the end of May that it expected oil transportation to decrease by 7% in 2024 to around 65 mln tons, compared with initial projections of over 70 mln tons. Currently the pipeline system of the consortium is able to transport around 72.5 mln tons of oil per year from Kazakh territory and up to 83 mln tons of oil per year through Russia.

Moreover, representatives of CPC shareholders considered issues of implementation of long-term investment projects, as well as "the end of service life of the gas turbine units used at the consortium’s pump stations and associated potential risks to the target pumping level," the company said.

"Moreover, Transneft’s proposals aimed at increasing the financial return of the project were discussed during the meetings," Transneft said in a statement following meetings of CPC management bodies.

The shareholder audit conducted this autumn and recommendations to improve various lines of the company’s business were also reviewed at the meeting, according to the statement.

CPC is the pipeline system connecting Kazakhstan with a seaport in Novorossiysk area, where tankers are loaded with oil for the supply to global markets. The 1,511 km long pipeline links oilfields in the West Kazakhstan with the marine terminal in Novorossiysk. CPC Marine Terminal is equipped with three single point moorings that allow loading tankers safely at a significant distance offshore, also amid poor weather conditions. Among CPC shareholders are Russia (via Transneft), Kazakhstan (via KazMunayGas), structures of Chevron, Lukoil, ExxonMobil, a joint venture of Rosneft and Shell.