ASTANA, Kazakhstan, December 9. Russian President Vladimir Putin has issued a special order granting permission to the joint venture Rosneft-Shell Caspian Ventures to carry out transactions with its shares in the joint-stock company Caspian Pipeline Consortium-R (CPC-R), Trend reports, citing the document.
The order authorizes the Rosneft-Shell joint venture to engage in transactions involving the shares it holds in the prominent oil pipeline consortium. The Rosneft-Shell Caspian Ventures holds a 7.5% stake in the Caspian Pipeline Consortium (CPC) project.
The CPC is responsible for approximately 80% of Kazakhstan's crude oil exports, a key OPEC+ member. It facilitates the transportation of oil from three major Kazakhstani fields: Tengiz, Kashagan, and Karachaganak.
CPC’s shareholders include: Russia (via Transneft) with a 24% stake, KazMunayGas with 19%, Chevron with 15%, Lukoil with 12.5%, Mobil Caspian Pipeline Consortium with 7.5%, Rosneft-Shell Caspian Ventures Limited with 7.5%, along with other participants.
In October, the U.S. Department of the Treasury imposed sanctions on Russian companies Lukoil and Rosneft, along with 34 subsidiaries of these entities, as part of a new sanctions package. However, in November, the U.S. government decided to exclude the Caspian Pipeline Consortium, Tengizchevroil, and the Karachaganak development project from its sanctions against Rosneft and Lukoil.
On November 29, at 06:06 Astana time, the marine infrastructure facilities of the CPC near the port of Novorossiysk were targeted in an attack by an unmanned watercraft. As a result, the offshore mooring facility VPU-2 sustained significant damage and is now out of operation until comprehensive repair and restoration efforts are completed.