Kazakhstan’s President Kassym-Yomart Tokayev said today that his government will diversify its oil supply routes after a Russian court ordered the Caspian Pipeline Consortium (CPC) to suspend pipeline activity for 30 days.
The Caspian Pipeline is one of the largest pipelines in the world and carries oil from Kazakhstan to the Black Sea. The suspension of its activities will put even more pressure on the global oil market, which is already facing its biggest supply problems since the Arab oil embargo in the 1970s.
Tokayev, who has tried to maintain a balance in his country’s relations with Russia, the West and China, has called for a study to begin building an oil pipeline along the Caspian Sea, a project that has been proposed in the past and which will transport oil from Kazakhstan to Europe bypassing Russia.
At the same time, the president of Kazakhstan pointed out that improving the infrastructure of the ports in the Caspian Sea is of “strategic importance” for the country.
Kazakhstan, heavily dependent on fossil fuels, relies on Russian pipelines for its exports to Europe.
Yesterday, Wednesday, a Russian court in the city of Novorossiysk requested the suspension of the activities of the CPC pipeline, which handles about 1% of the world’s oil, citing problems related to the management of oil spills.
SOURCE: APE-ME
Source: Capital
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