Shareholders in the Caspian Pipeline Consortium (CPC) have signed an agreement enabling BP to withdraw from the project, clearing the way for a decision on expanding the pipeline, which runs from the Chevronoperated Tengiz oil field in Kazakhstan to a terminal near the Russian Black Sea port of Novorossiysk. Kazakhstan, which holds an 19% stake in CPC, has also given its approval for the sale of BP's stake to Russian independent Lukoil, said Mikhail Barkov, the vice president of Russian pipeline monopoly Transneft, which manages Russia's 31% interest in the pipeline venture.
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