Today an Extraordinary Meeting of CPC-R and CPC-K shareholders approved Vladimir Razdukhov as the new General Director of the two companies. Mr. Razdukhov was nominated by the Russian Federation Shareholder and is currently a Deputy General Director of Zarubezhneft.

Today the Caspian Pipeline Consortium (CPC) loaded its 800th tanker at its terminal near Novorossiysk. CPC has now loaded over 87 million tons of oil since operations commenced in October 2001 – almost 700 million barrels.

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Shareholders of the Caspian Pipeline Consortium have voted unanimously for the new organizational structure of CPC-R and CPC-C management, effective May 1, 2006.

“Caspian Pipeline Consortium must be expanded to its full potential without further delay to fully meet the ambitious goal set by leaders who had the determination to make this project work,” said Ian MacDonald, General Director of CPC, today at the G8 Energy Security Conference in Moscow.

On Saturday, July 16th, the Caspian Pipeline Consortium (CPC) at its Marine Terminal near Novorossiysk loaded the 600th tanker since the beginning of operations. The tanker, Alan Veliki, was chartered by Tengizchevroil.

The Caspian Pipeline Consortium confirmed today that they are very close to successfully completing negotiations on the basic principles of the CPC pipeline expansion, following a meeting held in Moscow. Five out of seven conditions set by the Russian Federation (RF) for agreeing Expansion can now be considered closed and the remaining two are partially closed.

The Caspian Pipeline Consortium (CPC) has transported over 50 million tons of oil through its pipeline system since it began operation in October 2001. The total volume of crude oil shipped by CPC in 2004 has amounted to 22.5 mln tons, including 2.76 mln tons shipped in December.

The Caspian Pipeline Consortium has begun receiving oil produced on the Russian territory. ZAO NaftaTrans completed construction of Kavkazskaya transshipment facility in the Kavkazskii district of the Krasnodar Krai in South Russia. The facility consists of a rail receiving and storage facility close to CPC’s Kropotkin Pump Station along with a connecting pipe to the pump station. The State Act of Acceptance was signed on October, 31.

The forecasted demands of CPC shareholders call for a fully built out system by 2008 with the capacity to move at least 67 millions tons of oil a year – over 1.4 million barrels a day. Caspian developments in both the Russian and Kazakh sectors will see demand for CPC capacity from the Caspian rising to over 50 million tons a year – over a million barrels a day. These data were announced today by CPC General Director Ian MacDonald in his presentation at KIOGE in Almaty (Kazakhstan

The Caspian Pipeline Consortium (CPC) has transported over 40 million tons of oil through its pipeline system since the beginning of operations in October 2001. Presently, CPC is shipping about 2 million tons a month (equivalent to over 500,000 bopd) – all of this originating from Kazakhstan.

The Caspian Pipeline Consortium has signed a contract with a team of contractors that will conduct front-end engineering and design for the expansion of the CPC pipeline system, that runs from the Tengiz oilfield in Kazakhstan to Yuzhnaya Ozereevka at the Russian coast of the Black Sea.

The Caspian Pipeline Consortium (CPC) reached thirty million tons of crude oil delivered to world markets through its pipeline system from the Tengiz oil field in Kazakhstan to the Marine Terminal near Novorossiysk.