Caspian pipeline takes major step forward

The proposed 900-mile crude oil pipeline to move oil from Kazakhstan via Russia to the Black Sea for shipment to world markets is a step closer to reality. Mobil Corp. signed an agreement in Moscow Dec. 6 to restructure the Caspian Pipeline Consortium (CPC). Action follows the signing of a protocol earlier this year to restructure CPC (OGJ, May 6, Newsletter). The latest agreement permits Mobil to exercise its right to acquire a 7.5% equity interest in the planned pipeline project. Also, the agreement enables Mobil and seven other producer companies to purchase a 50% equity interest in the CPC pipeline from its founding members in exchange for 100% funding of the initial pipe...

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