Chevron says Caspian Pipeline Consortium is flowing, ships loading

Investing.com -- The Caspian Pipeline Consortium pipeline is flowing and ships are loading this week, Chevron CEO said during an earnings call on Friday.

The CPC had suspended oil loadings on Thursday following a drone attack on a tanker at the port. Ships that were scheduled to load oil from the CPC terminal turned away from the port after the consortium reported another tanker was attacked while loading.

The CPC pipeline exports almost 2% of global oil and serves as the main route for Kazakhstan's oil exports. The pipeline starts from the Tengiz oil field and ends at the Russian Black Sea terminal of Yuzhnaya Ozereyevka near Novorossiysk.

Chevron owns 50% of Tengizchevroil, which operates Tengiz and is the major exporter through the CPC pipeline.

Two industry sources said on Friday that CPC oil loadings could resume later in the day. One source added that single point mooring 3 at the CPC terminal will be loading a tanker on Friday.

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