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Meetings of Caspian Pipeline Consortium managing bodies were held |  | |
September 30, 2009
CPC-R Board of Directors meeting as well as CPC-K Extraordinary General Shareholders’ meeting were held on September 28-30 in Almaty.
The meetings’ participants have discussed organizational, technical, legal and financial aspects of the CPC Expansion Project. In particular, they have determined in what directions the efforts of CPC and Shareholders should be intensified with the view to have the Expansion Project sanctioned by the end of this year. The external power supply scheme for the expanded CPC system was approved.
The Shareholder representatives have also reviewed various aspects of ongoing financial and business performance of the Company and adopted relevant resolutions.
CPC Shareholders: Russian Federation (represented by Transneft – 24% and CPC Company – 7%) – 31%; Republic of Kazakhstan (represented by KazMunaiGaz – 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. S.a.r.l. - 2%; and Oryx Caspian Pipeline LLC – 1.75%.
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