Russian Court Rules CPC Oil Export Capacity Should Stay Open | OilPrice.com
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Breaking News:
A district court in Russia has ruled that the moorings of the main export terminal for Kazakhstan’s oil should all remain open, which will likely avert a drop-off in Kazakhstan’s crude oil exports.
Early this week, Russia ordered shut two of the three moorings of the main oil export terminal on Russia’s Black Sea coast handling Kazakhstan’s oil exports.
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The order for the closure of the two moorings was issued following snap safety inspections by Russia’s Federal Agency for Transport Supervision, prompted by the oil spill in the Kerch Strait in December 2024. Early this week, Russia ordered that the SPM-1 and SPM-2 moorings of the terminal of the Caspian Pipeline Consortium (CPC) be shut immediately.
CPC complied with the order for a temporary ban of operations at the SPM-1 and SPM-2 moorings and took them out of service “until the identified deficiencies have been addressed.”
The halt to operations at two of three moorings was expected to seriously disrupt Kazakh crude shipments if the suspension had lasted more than a few days.
However, this has been averted for now.
The Primorsky District Court in Novorossiysk has ruled that CPC is under administrative liability for failing some of the safety checks. CPC was fined $2,350 (200,000 rubles) “without administrative suspension of SPM operations,” CPC said on Friday.
It wasn’t immediately clear when CPC would resume normal operations at the export terminal.
The consortium operates the pipeline from the Caspian coast in northwest Kazakhstan to the Novorossiysk port on Russia’s Black Sea coast. The port handles most of Kazakhstan’s crude exports from giant oilfields in Kazakhstan operated by international oil firms, including U.S. supermajor Chevron.
Affiliates of Chevron and the other U.S. supermajor, ExxonMobil, are also minority shareholders in CPC, whose biggest shareholder is the Russian Federation with a 24% stake.
By Charles Kennedy for Oilprice.com
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