THE UNITED STATES HAS AUTHORIZED CPC AND TENGIZCHEVROIL TO CONDUCT TRANSACTIONS WITH LUKOIL AND ROSNEFT.

The United States has authorized the Caspian Pipeline Consortium (CPC) and Tengizchevroil to conduct transactions with the sanctioned companies Lukoil and Rosneft, the U.S. Department of the Treasury announced.

"Except as provided in paragraph (c) of this general license, all transactions... relating to the Caspian Pipeline Consortium or Tengizchevroil projects are permitted," the license issued by the agency states.

CPC and Tengizchevroil may also conduct transactions with entities controlled by these Russian companies.

The Caspian Pipeline Consortium (CPC) is the largest oil transportation route from the Caspian region to global markets and the main route for Kazakhstan, accounting for over 80% of the country's exports.

The 1,500-kilometer pipeline connects the fields of western Kazakhstan with the Black Sea coast, where the oil is loaded onto tankers via the CPC marine terminal. The consortium's major shareholders include Russia (through Transneft), Kazakhstan (through KazMunayGas), and companies such as Chevron, Lukoil, ExxonMobil, a joint venture with Rosneft, and Shell.

Tengizchevroil LLP was founded in 1993 by the Kazakh government and the American oil company Chevron to develop the Tengiz field. Chevron owns 50% of TCO, KazMunayGas 20%, ExxonMobil 25% and LukArco (a subsidiary of Lukoil) 5%.