Business & Economy

Kazakhstan says it is working to secure oil supplies to Europe

Nur-Sultan, Mar 25 (EFE).- Kazakhstan is taking all measures to resume the uninterrupted supply of oil to European consumers following a disruption in the Caspian pipeline, Kazakh Energy Minister Bolat Akchulakov said Friday.

Last week the three oil piers of the terminal located in the Russian port of Novorossiysk (Black Sea), through which Kazakhstan exports 80% of its crude oil from the Kashagan, Tengiz and Karachaganak fields (Caspian Sea), were taken out of service.

The offshore fields produce 53 of the 86 million tons of oil that Kazakhstan extracts annually.

The energy minister denied that the problems at the Novorossiysk port had forced a cut in production in the Caspian fields.

“Until yesterday (Thursday) evening there were no restrictions on production, as there is a possibility to store (crude) in tanks. This can be done for several days,” Akchulakov said at a press conference.

He added that the commissioning of only one of the oil piers, which are located five kilometers from the port of Novorossiysk, will allow Kazakhstan to fulfill its production plan for the current year.

The Caspian pipeline, which passes through Kazakh and Russian territory and whose main shareholders are Russia (31%), Kazakhstan (21%) and the American oil giant Chevron (15%), is more than 1,500 kilometers long and can transport up to 67 million tons annually. EFE


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