Caspian pipeline expansion running up to a year late

|By:, SA News Editor

A major expansion of the first private pipeline in the former Soviet Union is running up to one year behind schedule, Reuters reports, complicating oil exports from the Caspian Sea region.

Russian pipeline monopoly Transneft is a major shareholder in the pipeline alongside Kazakhstan's state pipeline firm and Chevron (CVX).

Oil majors such as Eni (E), Shell (RDS.A, RDS.B), Exxon (XOM) and Total (TOT) are preparing to launch the huge Kashagan field in Kazakhstan and hope to obtain access to as many export routes as they can.