Posted on 06/09/2006 3:35:53 PM PDT by SmithL
San Ramon-based Chevron Corp. (CVX) announced today the opening of the Baku-Tbilisi- Ceyhan (BTC) pipeline with the delivery of its first cargo of Caspian crude oil to world markets. The inaugural shipment of about 600,000 barrels of crude was delivered by tanker to Savona, Italy, marking the start of export of Azerbaijan's crude oil via the BTC oil pipeline.
The crude oil initially will come from the Azeri-Chirag-Gunashli (ACG) field in the Azerbaijani sector of the Caspian Sea and is expected to be joined by other volumes in the future, including production from across the Caspian region.
Chevron has an 8.9 percent interest in the 1,094-mile pipeline that crosses Azerbaijan, Georgia and Turkey and holds a 10.3 percent interest in the Azerbaijan International Operating Company (AIOC) that is producing from and developing the ACG field. The $4.5 billion pipeline has a crude oil capacity of 1 million barrels per day and is expected to accommodate the majority of AIOC production.
Chevron is also a participant in another regional pipeline: the Caspian Pipeline Consortium (CPC), a 935-mile crude oil export pipeline from the Tengiz Field in Kazakhstan to the Black Sea port of Novorossiysk in Russia. Chevron has a 15 percent interest in CPC, which provides a critical export route for crude oil from Kazakhstan.
Chevron shares have remained essentially flat, inching up 2 cents, or 0.03 percent, trading at $57.88 an hour before closing.
(Excerpt) Read more at contracostatimes.com ...
That's mighty white of them.
I can see an ACLU suit coming....
I don't know how that will play out. Shipping 'black gold' through a Caucasian pipeline?
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