Finance
CPC says oil exports halted, equipment heavily damaged by drones
Published by Global Banking and Finance Review
Posted on November 29, 2025
2 min readLast updated: January 20, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on November 29, 2025
2 min readLast updated: January 20, 2026
CPC halted oil exports after a drone attack damaged equipment at the Black Sea terminal. No oil spill occurred, and shipments will resume once threats are eliminated.
MOSCOW, Nov 29 (Reuters) - The Caspian Pipeline Consortium (CPC), which handles more than 1% of global oil, said on Saturday it halted operations after a mooring at its Black sea terminal was significantly damaged by a Ukrainian naval drones attack.
"Further operation of mooring point 2 is not possible," it said in a statement about one of three key pieces of exporting equipment.
CPC exports mainly from Kazakhstan via Russia and the Black Sea's terminal.
CPC's shareholders include U.S. majors Chevron and Exxon Mobil.
"It's not looking good - it was hit hard. They're going to launch the third mooring point, which is under repair," a trader told Reuters.
No one was injured among CPC staff and contractors as a result of the attack on the oil terminal, the consortium said.
At the moment of the explosion, the emergency protection system shut down the relevant pipelines and preliminary reports indicate that no oil has spilled into the Black Sea, it added.
"Shipments at the terminal will be carried out in accordance with established rules once the threats from unmanned boats and drones have been eliminated," CPC said.
(Reporting by Vladimir Soldatkin; writing by Marina Bobrova; Editing by Toby Chopra)
The Caspian Pipeline Consortium (CPC) is a major oil pipeline system that transports crude oil from Kazakhstan to the Black Sea, handling more than 1% of global oil exports.
Naval drones are unmanned vehicles used in maritime operations, often for surveillance or attack purposes, and can be deployed by military forces.
An oil spill is the release of liquid petroleum hydrocarbons into the environment, particularly marine areas, due to human activity, which can cause significant ecological damage.
An emergency protection system is a safety mechanism designed to shut down operations and prevent accidents or spills during emergencies.
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