Caspian Pipeline Consortium (CPC), which supplies Kazakhstan’s oil via a Black Sea terminal, said on Tuesday it planned to export more than 70 million metric tons (1.5 million barrels per day) of oil in 2024, up from a record high 63.5 million tons in 2023.

CPC, which handles around 1% of global oil, has been beset by disruptions due to stormy weather in the Black Sea. Unlike Russia, land-locked Kazakhstan doesn’t have many alternative export routes for its oil.

CPC’s Chief Executive Nikolai Gorban told reporters on Tuesday that the consortium is loading oil currently amid reports of weather-related supply disruptions.

CPC also said it expected its revenue to increase to $2.5 billion this year from $2.3 billion in 2023, while CPC shareholders received $1.34 billion in dividends last year.

The main CPC shareholders are Russian oil pipeline monopoly Transneft TRNF_p.MM (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 Tamara Vaal; writing by Vladimir Soldatkin; editing by Jason Neely and Susan Fenton)