A Meeting of CPC-R and CPC-K Board of Directors was conducted in Moscow on March 3, 2020.
In the course of the meeting, the Shareholders listened to the report made by CPC General Director Nikolay Gorban on the Company’s business status and main HSE results. It was noted that CPC team and Contractors’ representatives worked through the first two months of 2020 without injuries and incidents for more than 2.2 million hours. The motor vehicles ran for almost 4.2 million km without MVAs.
The crude oil shipment volumes amounted to 10.8 million tons in the first two months of 2020, thus exceeding the indicators of the similar period of the last year by almost 0.3 million tons. From January 1, 2020 through February 29, 2020, 102 tankers were handled, thus exceeding January-February 2019 by three tankers.
As per the forecast, CPC will allocate 1 B USD to meet its liabilities related to the Shareholders’ debt in 2020, allowing to fully repay the debt in Q4.
Reports on CPC Reliability Committee, Debottlenecking Program implementation progress and information on other important subjects were also listened to.
CPC Pipeline System is one of the major investment projects in energy sector with participation of foreign capital in the CIS. The length of the Tengiz–Novorossiysk Pipeline is 1,511 km; it transports over two thirds of all Kazakhstan export crude, as well as crude from Russian oil fields, including the Caspian Region. CPC Marine Terminal is equipped with three Single Point Moorings (SPM) that allow to load tankers safely at a significant distance offshore, also amid poor weather conditions.
CPC Shareholders: CPC Shareholders are Russian Federation (represented by Transneft – 24% and CPC Company – 7 %) – 31%; Republic of Kazakhstan (represented by KazMunayGas – 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%.