CPC Caspian Pipeline Consortium

The Caspian Pipeline Consortium (CPC) is an international joint-stock company that built and operates the CPC oil pipeline, which connects the fields of West Kazakhstan with the Russian Black Sea coast. The length of the oil pipeline is 1510 km.

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Фото: cpc.ru, 2025 г

The shareholders of the joint venture are Rosneft, through the joint venture Rosneft Shell Caspian Ventures Ltd. (Rosneft owns 51% of the shares) and Shell (49% of the shares).

The capacity of the first stage is 28.2 million tons of oil per year, including 22 million tons of oil of Caspian origin. Full capacity was achieved by mid-2004. In November 2004, CPC began receiving Russian oil at the Kropotka NPS in the Krasnodar Territory. Initially, the project was developed with the expectation that its initial throughput capacity would be increased to 67 million tons of oil per year.

Performance indicators

2024: Revenue - $2.3 billion

The Caspian Pipeline Consortium (CPC) in 2024 kept oil transportation revenues at $2.3 billion. This was announced on February 26, 2025 by the CEO of CPC Nikolai Gorban at a meeting of shareholders in Abu Dhabi. At the end of the financial year, shareholders received dividends in the amount of $1.3 billion.

The consolidated revenue of CPC for 2023 also amounted to $2.3 billion, while earlier it was predicted that the indicator would grow in 2024 by 8.7% - to $2.5 billion. However, the actual results showed the stability of the consortium's revenues.

General Director of CPC Nikolai Gorban in his speech noted that 63 million tons of oil were shipped at the consortium's marine terminal in 2024. 121 hoses were replaced on remote mooring devices (BGs) during this period. As of February 23, 2025, the current performance of the terminal amounted to 9.8 million tons of oil shipped to 89 tankers.

The shareholders' meeting also discussed the consequences of the recent drone attack on the Kropotkinskaya oil pumping station on February 17, 2025. The company manager presented a detailed report on the damage received, the current condition of the equipment and the progress of mobilizing contractors for restoration work. Shareholders of the consortium expressed their readiness to provide support in matters related to repair work, which, according to preliminary estimates, will take about two months.

The CPC pipeline system is one of the largest investment projects in the energy sector with the participation of foreign capital in the countries. CIS The length of the pipeline along the Tengiz route Novorossiysk is 1511 km. More than two-thirds of all export oil is transported along this route, Kazakhstan as well as raw materials from Russian fields, including those located in the Caspian region.^[1]

History

2022: Suspension of activities due to environmental violations with blocking of Kazakh oil supplies to Europe

In early July 2022, the Novorossiysk District Court decided to suspend the activities of the Caspian Pipeline Consortium (CPC) for 30 days after the discovery of environmental violations, the company will appeal this decision.

The beauty of this move from Russia's point of view is that the flow that will be reduced is not Russian oil that can be redirected elsewhere, but oil from neighboring Kazakhstan. Almost 1.5 million barrels per day of oil supplies can be removed from an already tense market with virtually no costs for Russia.

President of Kazakhstan Tokayev spoke in favor of diversifying the supply of Kazakh oil, he named the Trans-Caspian route, which bypasses Russia, as a priority. Tokayev called on American investors of the Tengiz project (Chevron and ExxonMobil) to help with this.

A significant share of oil (about 50-60% as of November 2022), which is loaded in the port of Novorossiysk, is not Russian, but Kazakhstani, transported to the Black Sea through the Transneft pipeline system and loaded onto tankers from the dedicated terminal of the Caspian Pipeline Consortium (CPC).

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