FILE PHOTO: The logo and trading information for Chevron is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 27, 2022. REUTERS/Brendan McDermid
MOSCOW : Chevron-led Tengizchevroil (TCO), Kazakhstan’s Tengiz oilfield operator, plans to divert 200,000 tonnes of oil to Georgia’s Batumi port in October via rail as it seeks alternative routes for its exports due to CPC terminal maintenance, two sources familiar with the company’s plans said on Tuesday.
The Caspian pipeline Consortium (CPC), the main export route for Kazakhstan’s oil, shut two of three loading facilities in its terminal for maintenance, leading to a sharp decrease in loading capacity.
TCO, in which Chevron holds a 50 per cent interest, is the largest oil exporter via the CPC pipeline and a lower loading capacity of the terminal affects its export plans, forcing the company to look for alternative routes, sources said.
TCO diverted some oil to Batumi earlier this year, when the CPC terminal also carried out unplanned maintenance.
CPC Blend crude oil exports were set at 3.85 million tonnes for October, down from 4 million tonnes in the revised September plan, and still well below normal levels.
A Chevron representative did not immediately answer a Reuters request for comment.
The TCO consortium is owned by Chevron (50 per cent), Exxon Mobil Corp (25 per cent), Kazmunaigaz (20 per cent) and Lukoil’s Lukarco (5 per cent).