Caspian Pipeline Consortium (CPC), which handles around 1% of global oil and is majority-owned by Russian company Transneft, is planning to invest around $300m in 2023, reported RIA news agency via Reuters, citing CPC head Nikolai Gorban.

CPC plans to invest around $200m to finish its programme to eliminate bottlenecks and plans to allocate an estimated $100m to replace pumps and valves as well as carry out repair work.

Gorban said the consortium is planning to replace two of its three single point mooring (SPM) facilities in 2026.

Last year, Reuters reported that CPC suspended two mooring points, SPM-1 and SPM-2, at a Black Sea Terminal due to damage at “the attachment points of underwater sleeves to buoyancy tanks”.

At that time, CPC said it was looking to replace parts on the two affected SPMs.

Until 2026, the consortium plans to design and manufacture spare parts for the SPM facilities in Russia due to difficulties in receiving foreign components.

In 2022, CPC halted oil loadings several times due to unplanned maintenance on SPM facilities.

CPC operates the 1,511km-long onshore pipeline ,which starts at Atyrau Oblast (Kazakhstan) and ends in Krasnodar Krai (Russia).

The shareholders of CPC include Chevron Caspian Pipeline Consortium Company (15%), CPC Company (7%), Kazakhstan's KazMunayGas (19%), Lukarco (12.5%), Mobil Caspian Pipeline (7.5%), Rosneft-Shell Caspian Ventures (7.5%) and Transneft (24%).