U.S. exempts CPC and Tengizchevroil from oilfield services ban indefinitely (Part 2)The U.S. Treasury Department has extended without time limitation authorizations related to the provision of oilfield services to the Caspian Pipeline Consortium (CPC) and Tengizchevroil, thereby confirming their exemption from current sanctions-related prohibitions.The decision can be found in general license No. 124, issued by the Office of Foreign Assets Control (OFAC), which is the U.S. Treasury's body responsible for sanctions enforcement.The previous license with similar content - No. 121, which also included the Sakhalin-2 project - expires on June 28, 2025.As reported, in January of this year, the U.S. approved a ban prohibiting its companies from providing oil extraction services in Russia—both exporting and re-exporting such services. The restrictions on American companies operating in Russia took effect on February 27.The Office of Foreign Assets Control (OFAC) clarified that the ban covers services related to exploration, drilling, well completion, production, refining, storage, maintenance, transportation, purchase, sale of oil and petroleum products, as well as any activities that enable Russia to develop hydrocarbon fields, sustain, or expand domestic hydrocarbon production and refining.CPC is the primary export route for Kazakhstan’s oil, connecting fields in Kazakhstan and Russia’s Caspian shelf to a terminal in Novorossiysk. The pipeline spans 1,511 km and transports over 80% of Kazakhstan’s oil exports. In 2024, CPC transported 63.01 million tonnes of oil, nearly 55 million tonnes of which came from Kazakhstan.CPC shareholders include Transneft and Russia, as well as Kazakhstan (represented by KazMunayGas with 19% and Kazakhstan Pipeline Ventures LLC with 1.75%, totaling 20.75%), Chevron Caspian Pipeline Consortium Company (15%), LUKOIL International GmbH (12.5%), Mobil Caspian Pipeline Company (7.5%), Rosneft-Shell Caspian Ventures Limited (7.5%), BG Overseas Holding Limited (2%), Eni International N.A. N.V. (2%), and Oryx Caspian Pipeline LLC (1.75%). (ICE ALMATY)

Fonte notizia: INTERFAX