Re: Meetings of Caspian Pipeline Consortium managing bodies
CPC-R and CPC-K Annual General Shareholders’ meetings and those of Companies’ Boards of Directors were held on May 19-21, 2009.
The General Shareholders meetings have approved the Companies’ annual reports and annual accounts for 2008. New compositions of the Boards of Directors as well as CPC-R Audit Commission and CPC-K Internal Audit Service were elected. Companies’ auditors for 2009 audits of financial statements were approved. At the first meetings of the new Boards of Directors Mr. A. McGrahan was again elected Chairman of the CPC-R Board of Directors and Mr. T. Rakhanov was elected Chairman of the CPC-K Board of Directors.
The Shareholder representatives have also reviewed various financial, business and organizational aspects of Consortium’s performance and adopted relevant resolutions. In particular, they have approved award to OOO Starstroi of a five-year contract for general maintenance, repair and emergency response at the CPC line pipe and other facilities.
In addition, the meetings’ participants have discussed various aspects of the CPC Expansion Project. The Shareholders have agreed with the hydraulic model data as submitted by relevant specialists and approved Project implementation stages. A work performance strategy for external power supply to the new system facilities has been approved. In general, the Shareholders have noted significant progress in Project advancement reached by the Consortium and approved continuation of work subject to the decisions taken at the meetings.
Russian Federation (represented by Transneft – 24% and CPC Company – 7%) – 31%; Republic of Kazakhstan (Kazmunaigaz) – 19%; 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. - 2%; Kazakhstan Pipeline Ventures LLC – 1.75% and Oryx Caspian Pipeline LLC – 1.75%.