The US government has eased restrictions on the Caspian Pipeline Consortium (CPC). This allows American and international companies to resume oil-related work. The project delivers Caspian oil to the global market.
The Treasury Department issued the license on Thursday. It lifts restrictions on the CPC and Kazakh company Tengizchevroil (TCO). The CPC includes major US oil companies like Chevron and ExxonMobil.
The pipeline transports oil from Kazakhstan to the Black Sea coast of Russia. It is a major export route for Kazakh oil. The new license permits transactions previously blocked in January.