Chevron Examines State of Black Sea Export Terminal in Russia

Chevron Examines State of Black Sea Export Terminal in Russia

US oil giant Chevron stated that it is currently in the process of assessing the state of a Black Sea port’s export terminal after Russia said that it may have faced storm damage, according to Reuters

However, Chevron assured that the pipeline to the port and its Kazakhstan output remains steady.

According to Reuters, the 1,510-kilometer pipeline that carries an estimated 1.2% of the world’s oil is owned by the Caspian Pipeline Consortium (CPC), of which Chevron has a 15% stake. It transports oil from fields in Kazakhstan to an export terminal in Russia.

A Chevron spokesperson clarified to Reuters that Tengizchevroil (TCO) joint venture oil production depends on the terminal’s uninterrupted operation “and transportation of TCO crude oil through the CPC pipeline is also continuing at this time.”

It is worthy of noting that the US has not sanctioned the pipeline but it has been caught up in sanctions against Russia as Buyers have refrained from purchasing this pipeline’s oil due to its mixture of Russian and Kazak crudes from the terminal at the Russian Novorossiysk port, according to Reuters.

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