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CPC loadings hit a new high
The Caspian Pipeline Consortium (CPC/terminal at Novorossiysk loaded a record 396.000 b/d (1.54mnt) of crude in December. This was up by more than 40,000 b/d on the previous record set in November and just below the 400,000 b/d end-year target for the route (FSUE, 26 September, p4).
The rise came despite frequent port closures due to storms and loading delays resulting from tanker hold-ups in the Turkish straits. Loadings were boosted by Lukoil's first cargo, 80,000t supplied through the Russian firm's stake in the Turgai Petroleum joint venture with Canada's PetroKazakhstan. Lukoil will load a second cargo in mid-January.
The January loading programme shows that loadings are set to be a fraction up on December's record (see below). In addition to scheduled cargoes, two ChevronTexaco December cargoes, totalling 267.000t. only completed loading early in January. This means that the January programme is already delayed, and the 2-3 January cargo did not complete loading onto the Astro Altair until 7 January. The continued absence of Karachaganak condensate means shipments in early 2004 will remain at around 400,000 b/d. well down on the route's 550,000 b/d target.
Key exporter ChevronTexaco reports firm demand in recent months. leaving the company with no spot cargoes available and even causing it to ration cargoes between its term customers in December and January.
CPC Blend Jan programme '000t Date Supplier Exporter Volume 2-3 TCO * ChevronTexaco 85 4-5 …