For Immediate Release
Office of the Press Secretary
November 13, 2001
Caspian Pipeline Consortium Fact Sheet
Caspian Pipeline Consortium
While in Russia in October of this year, U.S. Commerce Secretary Don Evans joined government and business leaders to welcome the announcement that the first tanker loaded with oil from the Caspian Pipeline Consortium departed the port of Novorossiysk. "It tells the world that the United States, Russia, and Central Asian states are cooperating to build prosperity and stability in this part of the world," Evans said.
The Caspian Pipeline Consortium (CPC) is a $2.6 billion project consisting of a 935-mile crude oil pipeline that runs from the Tengiz oil field in Kazakhstan to the Russian Black Sea port of Novorossiysk. Construction on the CPC pipeline began in 1999. It is a key East-West pipeline that will carry oil from the Caspian Sea region to international markets.
The CPC project is the largest, single United States investment in Russia. U.S. companies, including ChevronTexaco and ExxonMobil, have contributed nearly one-half of the $2.6 billion investment.
Initial capacity of the pipeline will be over 500,000 barrels per day, and is expected to reach to about 1.4 million barrels per day by 2015.
The CPC project advances the Administration's National Energy Policy by diversifying our States energy supply (thereby enhancing our energy security) and by supporting global economic growth. It also highlights the Caspian-region countries' progress towards establishing a transparent and stable environment for international trade and investment.
# # #