The repair of the berths of the Caspian pipeline can be accelerated by the lifting of sanctions

Alexey Gromov, Principal Director on Energy Studies of the Institute for Energy and Finance, commented to the business newspaper Vzglyad on the possibilities of eliminating the accident at the oil terminal near Novorossiysk for European consumers.

Disabling the berths of the Caspian pipeline could deprive Europe of a serious amount of oil for two months. However, foreign partners can speed up repair work if they lift sanctions restrictions on the supply of necessary components, Alexey Gromov told the Vzglyad newspaper.

“The emergency shutdown of the berths of the Caspian Pipeline Consortium (CPC) for one and a half to two months is a very serious blow not only to the European, but also to the world market. This will provoke an even greater increase in oil prices, and will also require the release of oil reserves in those European countries that are seriously dependent on these supplies,” Gromov said.