Chevron is discussing guarantees for the continued operation of the Caspian Pipeline Consortium (CPC), in which it is a shareholder, with the governments of the US, Kazakhstan and the Caspian region, according to the company's CEO Mike Worth.
“We are working with the governments of the region, the US and Kazakhstan to ensure the continuous operation of the pipeline“, he said during a teleconference.
Worth noted that the company could theoretically redirect some of its production through the Caspian Sea or transport it by rail. “However, the CPC is the main route for this product to market. We are the largest supplier, but not the only one,” he stressed.
Wirth noted that all participants in the CPC are committed to keeping it operational; a prolonged shutdown of the project is unlikely.
“I would say that the commitment of all stakeholders, all governments, to keeping it [the CPC] operational is very, very high. I am confident that this is real, and I would not say that the CPC will never be shut down. But I do not think a prolonged shutdown is very likely,“ he said during a teleconference.
Wirth added that a long-term shutdown of the pipeline would create problems for all carriers on this route, and this applies to many different projects in Kazakhstan.