Russian President Vladimir Putin has authorized Rosneft-Shell Caspian Ventures Limited — a joint venture between Russia’s Rosneft and Britain’s Shell, which holds a 7.5% stake in the Caspian Pipeline Consortium (CPC) — to conduct transactions involving its share in the pipeline. The order was published on the Russian government’s official legal acts website.
On Nov. 29 at 6 a.m. Astana time, CPC’s marine infrastructure near the port of Novorossiysk came under attack by Ukrainian forces using drones. One of the single-point moorings was heavily damaged and taken out of operation. Experts interviewed by Kursiv.media noted that another attack could further reduce throughput along the route, which carries about 80% of Kazakhstan’s oil exports, and could result in budget losses.
Oil analyst Olzhas Baidildinov said Putin’s decision could lead to the Ukrainian military halting further strikes on CPC facilities.
In October, the U.S. Treasury Department imposed sanctions on Rosneft, Lukoil, and 34 subsidiaries of the two Russian companies. The U.S. later granted permission for CPC and Tengizchevroil to conduct operations involving Lukoil and Rosneft.
Notably, CPC has lowered its 2025 oil transport plan to 72 million-74 million tons, down from 76 million, due to revised volume estimates from shippers. The consortium shipped 63 million tons for export in 2024.
