Russian court orders Caspian Pipeline Consortium to suspend operations

A Russian court ordered the Caspian Pipeline Consortium (CPC), one of the world's largest pipelines, to suspend activity for 30 days.

CPC, which handles about 1% of global oil and includes U.S. majors Chevron and Exxon, said the ruling to suspend its operations concerned issues related to the handling oil spills and that the consortium had to abide by the ruling. It declined further comment on its activity and operations.

According to a report seen by Reuters, oil loadings from CPC terminal were continuing as of midday on July 5, but it was not clear if operations were continuing on July 6. The pipeline exported up to 54 million tonnes of Kazakh crude last year from the Black Sea.