CPC expects bad weather to delay Black Sea oil terminal repairs -sources (updated)

BCM Resources

26/10/2022 13:27

(Adds detail)
       MOSCOW, Oct 26 (Reuters) - The Caspian Pipeline
Consortium (CPC) expects repairs to a single point mooring (SPM)
at its Black Sea terminal to be delayed from October to early
November due to bad weather, three sources familiar with the
work told Reuters on Wednesday.    
    CPC suspended oil loadings from two of three SPMs at its
Black Sea terminal Yuzhnaya Ozereyevka in August due to storm
damage. 
    At least two SPMs are needed for the terminal to operate at
normal capacity and loadings are currently reduced.
    "The work is in progress, but delayed due to bad weather,"
one of the sources said, adding that several clear days were
still needed to complete the work.
    The second source said that oil loadings from the repaired
SPM were expected to resume on Nov. 3-4, while previously they
had been scheduled to restart at the end of October.
    According to port situation notes at the CPC terminal seen
by Reuters, gale warnings have been issued daily since Oct. 23.
The terminal was open on Wednesday with loadings subject to
weather conditions.
    Black Sea CPC Blend crude oil exports were set at 5.398
million tonnes for November, up from 4.24 million tonnes in the
revised October plan.
    Kazakhstan's energy minister said previously he expected
shipments via CPC to return to full capacity by mid-October.
    CPC said last week it was not able to start repair work due
to bad weather conditions. A CPC representative declined to
comment on the current state of repair works on Wednesday.
    The main CPC shareholders are Russian oil pipeline monopoly
Transneft with 24%, Kazakhstan's KazMunayGas (19%), Chevron
Caspian Pipeline Consortium Company (15%) LUKARCO B.V (12.5%),
Mobil Caspian Pipeline Company (7.5%), CPC Company (7%) and
Rosneft-Shell Caspian Ventures Limited (7.5%).
 (Reporting by Reuters, editing by Jason Neely, Kirsten Donovan)