Kazakhstan intends to increase oil export to Europe through CPC twofold in 2011: S.Mynbayev
ASTANA. October 5. KAZINFORM /Murat Zhakeyev/ Beginning from the next year the quota of Kazakhstan in the Caspian Pipeline Consortium (CPC) will be increased twofold - from 27 mln tons to 52.5 mln tons. Kazakh Minister of Oil and Gas Sauat Mynbayev has made it public today at the V Eurasian Forum KAZENERGY-2010.
According to him, a decision of the Consortium shareholders has been made. The final investment decision on this issue will be made by the end of 2010.
"Today technical aspects are negotiated. The construction works on pipeline expansion are scheduled for the next year. The quota of Kazakhstan in the CPC will be increased from 27 mln tons to 52.2 mln tons per year", S.Mynbayev said.
The Minister emphasized that Kazakhstan advanced in the CPC expansion. This will release the country from searching alternative solutions for a certain period.
As S.Mynbayev informed, 27.5 mln tons were exported through the CPC this year. The Minister also noted that KazMunaiGas Company produced only 24% out of the total volume of oil produced in the country. The rest amount is extracted from the private sector and international oil companies. "This promotes stability of the hydrocarbon sector of Kazakhstan and diversification of export routes", the Minister summed up.