Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Caspian Pipeline Target

ALMATY, Kazakhstan -- A planned pipeline linking Kazakhstan's vast onshore Tengiz oil field with Russia's Black Sea export outlet of Novorossiisk is likely to be ready by early 2001, a top executive at one of the partners said Tuesday.

Richard Matzke, president of Chevron Overseas Petroleum Inc., said the cost of the Caspian Pipeline Consortium project was running slightly over budget at $2.3 billion instead of the initial $2.1 billion target.

U.S. oil major Chevron Corp. has a 15 percent stake in the CPC project.