Caspian Pipeline Consortium Sets New Record with 63.5 Million Tons of Oil Transported in 2023
Caspian Pipeline Consortium Sets Historic Record in Oil Transportation
The Caspian Pipeline Consortium (CPC) achieved a historic milestone by transporting 63.5 million tons of oil in 2023, announced CPC General Director Nikolay Gorban at a press briefing on Jan. 16. This accomplishment sets a new record for the consortium and demonstrates its commitment to efficient and safe oil transportation.
Notably, 56 million tons of the oil came from Kazakh shippers, showcasing the significant contribution of CPC’s Kazakh segment (CPC-K). Gorban highlighted that CPC-K logged 1.7 million accident-free man-hours and experienced no serious accidents in its 3.4 million kilometers of vehicle mileage throughout the year. These impressive statistics reflect the dedication to maintaining high safety standards in oil transportation.
The year 2023 was marked by a concentration of construction and installation work, particularly during the implementation of the Bottleneck Elimination Program, which was successfully completed. Looking ahead, the consortium continues its efforts to enhance the reliability and cost-effectiveness of the entire Tengiz-Novorossiysk pipeline system by constructing new external power supply facilities and installing variable frequency converter equipment.
As part of its long-term plans, the CPC aims to replace around 400 kilometers of the main oil pipeline’s linear section. The consortium has already commenced the replacement of the first 27 kilometers, with further plans to replace two remote mooring devices in 2026, both of which have been in operation since 2001.
In terms of financial performance, the CPC reported consolidated revenue of $2.3 billion in 2023, with CPC-K contributing $460 million. Additionally, CPC-K’s net profit reached 77 billion tenge ($170.1 million), and tax payments approached 80 billion tenge ($176.7 million). Looking ahead to 2024, the consortium anticipates an increase in consolidated revenue to $2.5 billion, with CPC-K projected to contribute 236 billion tenge ($521.4 million) in revenue, a net profit of 92 billion tenge ($203.2 million), and tax deductions of 48 billion tenge ($106 million).
Furthermore, CPC shareholders received $1.34 billion in dividends last year, marking the first instance of the consortium paying interim dividends separately to shareholders of CPC-K in Kazakhstan, totaling $93.5 million. This underscores the consortium’s commitment to rewarding its shareholders and contributing to the local economy.
Overall, the achievements of the Caspian Pipeline Consortium in 2023 reflect its dedication to safe, efficient, and reliable oil transportation, as well as its significant contribution to the economy of Kazakhstan and the wider region.
