Adds KGMI statement in paragraphs 1, 2 and 4
Crude loading operations at the CPC export terminal on the Black Sea resumed today after a few days of uncertainty, Kazakhstan's KMG International (KMGI) said.
KMGI's parent company, Kazakhstan's state-owned Kazmunaigaz, is a shareholder in the CPC consortium.
Earlier today the tanker Seavoyager left the terminal with a draught change suggesting it had loaded. Another tanker, Nissos Tinos, is now at the terminal.
These are the first tankers at the terminal since storm damage to two of its three offshore single-point mooring (SPM) berths first reduced and then, two days ago, fully halted exports. There have been conflicting messages about the terminal's status since then, with Russian deputy prime minister Alexander Novak saying disruption could last for up to two months and the Caspian Pipeline Consortium saying repairs could be done in three weeks.
KMGI today said it has spoken with Russia's state-owned pipeline operator Transneft, which represents Moscow's interest in the CPC consortium, and they agreed the situation needs swift resolution. KMGI chairman Daniyar Berlibayev is heading to the terminal to assess the situation, it said.
The terminal exports CPC Blend crude, which accounts for 80pc of Kazakhstan's crude and condensate exports. The country's energy minister Bolat Akchulakov said today that output may have to be cut at Kazakhstan's three largest oil fields — Tengiz, Kashagan and Karachaganak — if repairs at the CPC export terminal "drag on".
Trading sources told Argus yesterday that the terminal can operate at 50pc of loading capacity with a single SPM, as normally only two of the berths are used at any one time. Loading programmes put CPC Blend exports at 1.48mn b/d in March and 1.52mn b/d in April. This includes small amounts of Russian crude.
