Crude oil exports from Kazakhstan’s Caspian Pipeline Consortium (CPC) terminal on Russia’s Black Sea coast stopped fully on March 23 after damage caused by a major storm and continued bad weather, a port ship agent told Reuters.
Two of three loading facilities at the Black Sea port of Novorossiisk were damaged by the storm and would take at least one and a half months to repair, the agent said.
Most of the oil in the pipeline belongs to Russia, Kazakhstan and international oil majors such as Chevron Corp.
“Yesterday, after a spell of really strong northern wind the terminal inspected their facilities and found that SPM (single point mooring) 3 required technical service and had to be taken off service. Today it was decided that SPM 2 requires the service as well and therefore would stay off operations,” the ship agent said.
The third facility was still operational but bad weather on March 23 stopped these flows as well.
The CPC pipeline carries around 1.2 million bbl/d of Kazakhstan’s main crude grade, light sour CPC Blend. The volume accounts for 1.2% of global demand.
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