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Meetings of Caspian Pipeline Consortium managing bodies were held |  | |
Moscow
April 17, 2008
CPC-R and CPC-K Board of Directors meetings as well as Extraordinary General Shareholders’ meeting of CPC-K were held on April 16/17, 2008 in Moscow.
Preparations for the forthcoming Annual General Meetings of Caspian Pipeline Consortium Shareholders to be held in May 2008 were discussed. The Board of Directors members have preliminarily approved the Annual Report and annual financial statements.
At the first meeting of the new CPC-K Board of Directors its Chairman and Secretary were elected. T. Rakhanov, Kazakhstan Government Shareholder Representative, was elected Chairman of the Board.
In addition, the Board Members and Shareholder Representatives have reviewed various aspects of Consortium’s ongoing financial and business performance and adopted relevant resolutions. Discussion of the prospects for future expansion of the CPC pipeline system was continued.
The interests of the CPC Founding Governments are as follows: Russia – 24%, Kazakhstan – 19%, Sultanate of Oman – 7%. Private oil companies participating in the Consortium are Chevron Caspian Pipeline Consortium Company - 15%, LUKARCO B.V. - 12,5%, Rosneft-Shell Caspian Ventures Limited - 7,5%, Mobil Caspian Pipeline Company - 7,5%, Eni International (N.A.) N.V. - 2%, BG Overseas Holding Limited - 2%, Kazakhstan Pipeline Ventures LLC - 1,75% and Oryx Caspian Pipeline LLC - 1,75%.
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