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CPC shareholders to expand project up to 67 mln tons per year - Minister Mynbayev

ASTANA. September 24. KAZINFORM /Kanat Kulshmanov/ The shareholders of the Caspian Pipeline Consortium plan to expand the project up to 67 mln tons per year. Minister of Energy and Mineral Resources Sauat Mynbayev has announced it at the IV Eurasian Energy Forum in Astana today. "We intend to produce up to 67 mln tons per year, including 50 mln tons of the Kazakh oil", Mynbayev said. The Minister reminded that earlier BP company had not supported the project's expansion. As is known BP planned to withdraw from the Consortium. "To date KazMunaiGas has purchased 49.9% of BP's share in Kazakhstan Pipeline Ventures and became its 100% owner. In turn, LUKOIL Company has agreed on acquisition of 46% of BP in LUK-Arko. Thus, 100% of CPC shareholders stand for the project's expansion. Besides, a project on CPC expansion amounting approximately to USD 2.5 bln has been developed", Mynbayev noted. "However, there are some unresolved issues regarding management of the pipeline's expansion, and we hope these problems would be eliminated soon. This will allow to approve the project till the yearend", the Minister stressed.


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