Source Pravda.Ru

Caspian Pipeline System Unveiled

The Caspian pipeline system (CPS) to pump oil from Kazakhstan to Novorossiisk was officially opened in the Russian port of Novorossiisk on the Black sea, on Tuesday. The ceremony was attended by high representatives of Russia and Kazakhstan, as well as US Ambassador to Russia Alexander Vershbow and American assistant energy secretary Vicky Baley. The opening of the Caspian pipeline system coincides in time with a rapid progress of partner relations between the United States, Russia and Kazakhstan. Its construction provides an example of successful international cooperation and demonstrates to the international community that investments can be confidently made into Russia and Kazakhstan. This was said at the opening ceremony. The laying of the pipeline began in May, 1999, and as early as in August, 2001 first oil arrived from the Tengiz oil field in Kazakhstan to a terminal near Novorossiisk from where Kazakh oil is to be delivered to importers in tankers. Russia's share in the project constitutes 24 percent, Kazakhstan's 19 percent and Oman's 7 percent. The other half of the shares belongs to Russian and foreign oil companies Lukoil, Chevron, Rosneft, BP.