The United States, Kazakhstan and US energy major Chevron are discussing measures to ensure the uninterrupted operation of the Caspian Pipeline Consortium (CPC) following the suspension of oil loading at the Russian Black Sea port of Novorossiysk, Chevron Chief Executive Mike Wirth said.
According to Wirth, all shareholders in the CPC remain committed to keeping the pipeline operational, adding that a prolonged shutdown is considered unlikely, Caliber.Az reports per foreign media.
He said an extended disruption would create significant challenges for oil exporters in the region and for numerous energy projects in Kazakhstan that rely on the pipeline.
Wirth noted that Chevron could, in theory, redirect part of its production through alternative export routes, including transport across the Caspian Sea or by rail.
"But the CPC is the main route for this product to reach the market. We are the largest shipper, but not the only one," he said.
Chevron is one of the shareholders in the Caspian Pipeline Consortium alongside the governments of Russia and Kazakhstan, as well as companies affiliated with LUKOIL, ExxonMobil, Rosneft and Shell.
The CPC suspended oil loading operations on July 30 after drone attacks targeted tankers in the Novorossiysk area. The pipeline is the principal export route for much of Kazakhstan's crude oil to international markets.
By Sabina Mammadli
