CPC Resumes Kazakh Crude Loading After Brief Halt Due to July Attacks

The Caspian Pipeline Consortium's (CPC) Black Sea terminal has resumed loading Kazakh crude onto tankers after a brief halt following attacks in July. As of August 1, the Energy Ministry reported that CPC was receiving 100,000 metric tons of crude per day, equivalent to about 730,000 barrels per day.

However, throughput remains below normal, and exports are still affected by security concerns. The daily charter rate for a tanker calling at the terminal reached $338,000 by the end of last week, nearly double its level a month earlier, according to Baltic Exchange data.

Tengizchevroil is expanding an alternative route, planning to send about 100,000 metric tons of Tengiz crude by rail to Georgia's Batumi oil port terminal in August. This is roughly five times the July total but small compared to Tengiz's normal output and the volumes CPC can carry.

The pipeline system temporarily suspended operations on July 31 due to security threats, but Chevron CEO Mike Wirth stated that the pipeline was flowing and ships were being loaded as of July 31. The CPC has not issued a detailed notice covering the restart, but completed cargoes confirm that tanker loading resumed.