The Caspian Pipeline Consortium (CPC) plans investments of around $300 million in 2023, the RIA news agency quoted CPC head Nikolai Gorban as saying on Thursday.

The CPC, which handles around 1% of global oil, will spend around $200 million on completing its programme of removing bottlenecks, Gorban said.

He added that around $100 million would be allocated for replacing pumps and valves, as well as repair work.

The main CPC shareholders are Russian oil pipeline monopoly Transneft TRNF_p.MM with 24%, Kazakhstan’s KazMunayGas KMGZ.KZ (19%), Chevron Caspian Pipeline Consortium Company CVX.N (15%), Lukarco B.V LKOH.MM (12.5%), Mobil Caspian Pipeline Company (7.5%), CPC Company (7%) and Rosneft-Shell Caspian Ventures Limited ROSN.MM, SHEL.L (7.5%).
Source: Reuters (Reporting by Olesya Astakhova; Writing by Alexander Marrow; Editing by Mark Trevelyan)