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. Last Updated: 07/27/2016

CPC Expects Pipeline Permits Soon

SAN FRANCISCO -- Chevron Corp. said Monday it expects the Caspian Pipeline Consortium to obtain all necessary permits and rights-of-way for CPC's $2 billion pipeline in the next few months.

The line, linking the former Soviet republic of Kazakhstan to Russia's Black Sea port of Novorossiisk, is the first major new route to the West from huge oil reserves near the eastern shores of the landlocked Caspian Sea.

The announcement follows a three-day tour of the pipeline route by Richard Matzke, president of Chevron Overseas Petroleum Inc., and Vagit Alekperov, president of LUKoil, another partner in the Caspian Pipeline Consortium.

During the trip, the land allocation permits were issued by the Astrakhan region and the port city of Novorossiisk, a critical element which should enable the project to move forward more rapidly, Chevron said.