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Press release April 26, 2006 |  | |
For immediate release
April 26, 2006
Contacts:
Olga Lugovina
at (095) 775-00-77
26 April 2006 – Moscow, Russia –
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.
The shareholders have also approved new mangers to key CPC management positions: Dennis J. Fahy, currently Managing Director of Chevron West African Gas Pipelines Company was approved as First Deputy General Director for Operations; Claudia Kroeger from Royal Dutch Shell was approved to continue as Deputy General Director for Finance as were Alexander Shakai as Deputy General Director for RF Government Affairs. Shareholders also approved Fred H. Van Etten from Chevron as Deputy General Director for Engineering and Projects, Kanatbek Zhumin as Deputy General Director for RoK Government Affairs, Nurtaz Shmanov, nominated by Kazmunaigaz, as Deputy General Director for General Business, and Evgeny Popov from Rosneft as Deputy General Director for Legal Affairs and General Counsel.
Vladimir Razdukhov has held a number of positions in Russian governmental bodies, including the USSR Ministry of Foreign Trade, Gosplan, the USSR/RF Ministry of Economy and the RF Ministry of Foreign Economic Relations. Between 1995 and 1999 Mr. Razdukhov served as the RF Deputy Minister of Foreign Economic Relations, the RF Deputy Minister of Foreign Economic Relations and Commerce, and the RF Deputy Minister of Commerce. In 1999, he was appointed RF Trade Representative to the UK and held this position until 2005, when he became the Deputy General Director of Zarubezhneft.
“It is an honor for me to be selected to head this important international consortium,” said Vladimir Razdukhov. “I look forward to leading the company into its next phase of development as the pipeline expands to its full potential,” he added.
Ian MacDonald, representing Chevron, a CPC shareholder, currently serves as General Director of the Consortium. The new organizational structure at CPC paved the way for approval of a Government nominee as General Director and a Producing Company representative as First Deputy General Director. The new structure will become effective 1 May 2006 for a period of 4 years with the contract of the newly appointed director starting on this day.
Ian MacDonald stated, “The Caspian Pipeline Consortium is a successful project and is currently exceeding its initial projected capacity; doing so reliably and safely. I am confident that the upcoming expansion of the system will forge the consortium’s development in the interests of all shareholders and that the new management team under the leadership of Vladimir Razdukhov will ensure that it remains a bright example of global energy cooperation.”
The CPC expansion project is expected to see capacity grow to at least 67 million tons (1.4 million bopd) and includes the construction of another 10 oil pumping stations, increasing the storage capacity of the existing reservoirs by an additional 480,000 tons, as well as construction of a third mooring and loading unit on the Black Sea. The project’s costs are estimated at $1.8 billion.
The Caspian Pipeline Consortium (CPC) was conceived in 1992 by the governments of the Russian Federation, the Republic of Kazakhstan, and the Sultanate of Oman for oil transportation from Kazakhstan and Russia to a Black Sea terminal near Novorossiisk.
In 1996, the Consortium was re-structured and the 3 Founding Members were joined by 8 Producing Company Shareholders representing international, Russian and Kazakh entities including subsidiaries and affiliates of Chevron, LUKoil, ExxonMobil, BP, Rosneft, Shell, ENI, BG and Kazmunaigaz.
The 1,510-km CPC pipeline started operation in October 2001 and is currently operating at rates above 30 million tons of oil per year, 650,000 barrels per day.
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