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Press Release November 30 2006 |  | |
For immediate circulation
November 30, 2006
30 November 2006 Moscow>
On 28-29 November 2006 the CPC Shareholders met in Moscow to discuss the ongoing business matters.>
The meeting approved 2005 accounts and 2007 budget of the Consortium.>
The Shareholders authorized the replacement of the CPC pipeline section in order to assure the operation safety.>
The meeting went over the steps being undertaken by the Consortium to improve the health, safety and environment protection system as well as protect the pipeline against the criminal actions.>
The Shareholders also addressed the current status of the negotiations to work out the mutually acceptable conditions of the CPC Expansion Project implementation and noted the significant progress made in this regard.>
The annual Shareholders’ meeting is scheduled for March 2007.>
The Consortium’s Government shareholders include Russia (24%), Kazakhstan (19%) and Sultanate of Oman (7%). The Consortium’s shares are also held by the following oil companies: Chevron Caspian Pipeline Consortium Co. (15%), LukArco (12.5%), Mobil Caspian Pipeline Co. (7.5%), Rosneft-Shell Caspian Ventures Ltd. (7.5%), Agip International H.B. (2%), BG Overseas Holdings Ltd. (2%) and Kazakhstan Pipeline Ventures LLC (1.75%). Oryx Caspian Pipeline LLC (1.75%),
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