Transneft takes CPC bite

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Anthea Pitt

 29 April 2007 20:28 GMT

Russia has transferred its 24% stake in the Chevron-led Caspian Pipeline Consortium (CPC) to state-controlled pipeline monopoly Transneft, the Kremlin has announced.



The stake was previously managed by Russia's government and the Kremlin said in a statement that President Vladimir Putin's order to transfer it aimed to "increase management efficiency".

Transneft's head Semyon Vainshtok has been one of the main critics of the CPC, which takes crude from Kazakhstan to Russia's Black Sea coast, as he claims the group pays very low fees to Russia despite pumping over 700,000 barrels per day of crude.

He opposes the expansion of the CPC capacity to over 1.35 million bpd amid rising production in Kazakhstan and…

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