A trilateral meeting was held between leadership representatives of Transneft, CPC-R and Chevron Corporation at the Saint-Petersburg International Economic Forum on June 7, 2019.
The meeting was attended by Nikolay Tokarev, Transneft President, Nikolay Gorban, CPC General Director and Mikhail Margelov, Transneft Vice-President.
Chevron was represented by Vice Presidents Jay Pryor and Bob Dastmalchi and the CPC-R Board Chairman, President of Chevron NefteGaz Inc. Andrew McGrahan.
The parties discussed CPC’s performance in 2018, prospective CPC Pipeline System upgrade projects, as well as international cooperation in the sphere of energy resource transportation.
The representatives of Chevron, one of CPC major Shareholders, highly appraised CPC operation indicators and its achievements in labor protection and safety.
It should be noted that Transneft is a trustee of 24 per cent interest in CPC-R and CPC-K held by the state and wholly owns CPC Company and CPC Investments Company holding 7 per cent interest in CPC-R and CPC-K.
Transneft actively participated in the Project to increase the Tengiz–Novorossiysk Pipeline’s throughput capacity in 2010–2017. The world’s largest oil transportation company managed the Project in conjunction with NC KazMunaiGas and Chevron. Transneft entities took part in the construction of CPC greenfield facilities.
For reference.
The CPC pipeline system is one of the largest investment projects with foreign capital in the energy sector in the CIS. The length of Tengiz-Novorossiysk pipeline is 1,511 km; more than two thirds of all export crude oil from Kazakhstan and crude oil from the Russian fields, including those in the Caspian Region, are transported by this route. CPC Marine Terminal is equipped with three Single Point Moorings (SPM) that allow to load tankers safely at a significant distance offshore, also in poor 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%.