(MENAFN) President Kassym-Jomart Tokayev declared on Thursday that Kazakhstan needed to diversify its oil supply sources after Russia stopped transit via its portion of a key pipeline, quoting technical issues.
Tokayev gave the go-ahead for the government to investigate the feasibility of building a pipeline over the Caspian Sea to transport Kazakh oil to Europe without going via Russia.
A Russian court issued a 30-day halt of the Caspian Pipeline Consortium (CPC) terminal's operations in the Black Sea on Wednesday due to concerns about oil leaks.
The CPC is an international oil transportation project that involves Kazakhstan, Russia, and a group of top oil firms. The pipeline network primarily imports petroleum from Russia and the vast oil resources of western Kazakhstan. Approximately 80 percent of Kazakhstan's oil exports travel through pipeline to the terminal at the Russian Black Sea port of Novorossiysk before being transported by sea to Europe and the United States. Over a million barrels of oil may be transported via the pipeline each day, representing 2.3 percent of the world's seaborne crude commerce.
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