Chevron announces approval of Caspian pipeline expansion

Oil and natural gas company Chevron has announced that the shareholders and governing bodies of the Caspian Pipeline Consortium (CPC) have unanimously approved the $5.4bn (£3.4bn) expansion of the Caspian pipeline.

The capacity of the 900-mile (1,500km) pipeline, which carries crude oil from Western Kazakhstan to a dedicated terminal in the Black Sea, will increase to 1.4m barrels per day from its current capacity of 730,000 barrels per day.