Results of the Annual General Shareholders Meeting of Caspian Pipeline Consortium
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Annual General Meeting of CPC-R Shareholders and Extraordinary General Meeting of CPC-K Shareholders were held in Rome on May 25-27, 2010.
At the CPC-R Annual General Meeting the Shareholders elected a new Board of Directors comprised of 22 members and Audit Commission of the Company. CPC-R 2009 Annual Report and financial statements were approved. It was decided not to pay dividends for the previous fiscal year. Furthermore, the Shareholders approved PriceWaterhouseCoopers external auditor of the Company for 2010.
CPC-K Extraordinary General Meeting reviewed financial, economic and HR aspects of the Company's operations and passed relevant resolutions. In particular, several nominations to the organization structure of the Consortium were approved.
The participants also reviewed relevant matters related to implementation of CPC Expansion Project. Several contracts for LLIs were approved. CPC Shareholders also approved nomination by Chevron Caspian Pipeline Consortium Company of William Simpson to the position of Deputy General Director, Projects & Engineering, responsible for the implementation of CPC Expansion Project.
The meetings also reviewed various aspects of the current financial and economic operations of the Consortium.
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. - 2% and Oryx Caspian Pipeline LLC - 1.75%.