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Chevron Confirms Caspian Pipeline Resumes Operations After Drone Attack
The crucial Caspian Pipeline Consortium (CPC) pipeline has resumed flows and ships are loading at its Black Sea terminal, Chevron's CEO confirmed during an earnings call on Friday. The resumption follows a temporary halt in operations after a reported drone attack at the port.
Operations Restart After Suspension
Oil loadings from the CPC terminal were suspended on Thursday after a drone attack on a tanker was reported, which prompted scheduled vessels to turn away from the port. The confirmation of renewed activity from Chevron's chief executive on Friday signals a swift return to service for the key export facility.
Two unnamed industry sources corroborated the report on Friday, stating that loadings were expected to resume later in the day. One source specified that a tanker was scheduled to be loaded at the terminal's single point mooring 3.
AdMarket Significance
The CPC pipeline is a significant artery for global energy markets, responsible for exporting nearly 2% of the world's oil. It serves as the primary export route for crude oil produced in Kazakhstan.
The pipeline originates at the Tengiz oil field in Kazakhstan and terminates at the Russian Black Sea terminal of Yuzhnaya Ozereyevka, near the port of Novorossiysk. Chevron holds a 50% stake in Tengizchevroil, the venture that operates the massive Tengiz field and is the main shipper through the CPC system.
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