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Gold/Mining/Energy : Caspian Sea Oil

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To: Copperfield who started this subject	9/26/2001 2:19:23 AM
From: Copperfield	of 41

Caspian pipeline ready to load in three weeks-CPC Moscow \|Reuters \| 19-09-2001 The Caspian Pipeline Consortium's new oil pipeline from Kazakhstan to Russia will be ready to load the first tanker in three weeks, the CPC head said yesterday, but he declined to give its official opening date. "Technically we will be ready in three weeks," Sergei Gnatchenko told reporters. "As far as the solemn ceremony is concerned, that is a political question for which I'm not responsible." The official opening of the $2.5 billion 1,580-kilometre pipeline from Kazakhstan's giant Tengiz oilfield to Russia's Black Sea port of Novorossiisk has been postponed several times since its original June 6 schedule. CPC has given various reasons for the delay, the latest of which was disappearance of expensive hoses for loading of crude oil from the port of Novorossiisk. Gnatchenko said that the hoses had been found 150 kilometres away from Novorossiisk and the company so far had no explanation for their misplacement. Gnatchenko said that the CPC may export four to five million tonnes of oil this year instead of planned seven to eight million due to the delay.

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