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1 Jul, 2008 15:34

Oman plans to leave Caspian pipeline project

Oman is reportedly planning to pull out of the Caspian Pipeline Consortium which pumps oil from Kazakhstan to Russia's Black Sea coast. The sultanate’s government said it was not making enough profit from the project and wanted to sell its 7% stake. It co

The 1,510 kilometre long pipeline pumps 700,000 barrels a day from Kazakhstan to the Russian port of Novorossiysk.

The Russian side has warned minority shareholders of more severe financial demands.

The shareholders include U.S. companies Chevron and Exxon Mobil.