Business meeting of CPC General Director Nikolay Gorban and Tim Miller, Managing Director of Chevron Corporation Eurasian Division was held on April 6th in Almaty. CPC-K Board Chairman Timur Rakhanov and Kairgeldy Kabyldin, Deputy General Director, RK Government Relations, Caspian Pipeline Consortium-K, also participated in the negotiations.
The parties discussed a wide range of matters of the interaction between the Companies, and the prospects of cooperation development in view of the increase of the throughput capacity of Tengiz-Novorossiysk pipeline system after the completion of CPC Expansion Project. Preparation to the meeting of the Consortium’s corporate governance bodies which will be conducted in May 2017 in Gelendzhik was one of the subject of negotiations.
FYI:
The CPC pipeline system is one of the largest investment projects with foreign capital in the energy sector in the CIS. The length of the pipeline connecting oil fields in Western Kazakhstan with the Marine Terminal in Novorossiysk is 1,511 km. CPC’s Marine Terminal is equipped with Single Point Moorings that allow to load tankers safely at a significant distance offshore, including bad weather conditions.
CPC Shareholders: Russian Federation (represented by Transneft – 24% and CPC Company – 7%) – 31%; Republic of Kazakhstan (represented by KazMunayGaz – 19% and Kazakhstan Pipeline Ventures LLC – 1.75%) – 20.75%; Chevron Caspian Pipeline Consortium Company - 15%, LUKARCO B.V. - 12.5%, Mobil Caspian Pipeline Company – 7.5%, Rosneft-Shell Caspian Ventures Limited – 7.5%, BG Overseas Holding Limited - 2%, Eni International N.A. N.V. - 2% and Oryx Caspian Pipeline LLC – 1.75%.