A Meeting of CPC-R JSC Board of Directors and Annual General Shareholders Meetings of CPC-R JSC and CPC-K JSC were held in St. Petersburg on May 25-26, 2021.
The Meeting of the Board of Directors opened with a report given by General Director N.N. Gorban in respect to the Company’s business status and results achieved in the sphere of health, safety and environment.
Kazakhstani shippers transported 51.76 MMT of crude oil by the pipeline system in 2020. This is approx. 7% less than the 2019 figure, which is explained by implementation of the OPEC+ agreement terms and conditions.
Overall, 59 MMT of crude oil were transported by the CPC system, and 572 tankers were loaded with export oil.
The important achievements of the Consortium in 2020 included as follows: 29 million man-hours worked without injuries and 84 million km of the total motor vehicle run without any serious MVAs.
From 2001 through April 30, 2021, 6,837 tankers were handled at the CPC Marine Terminal. Over this period, the net volume of 724,632,155 tons of crude oil was shipped via Tengiz-Novorossiysk pipeline system. This includes 631,865,083 tons of crude oil from Kazakhstan and 92,767,072 tons of crude oil produced in Russia.
The participants in the Meeting of CPC-R JSC Board of Directors discussed the progress of implementing the Debottlenecking Program. Upon its completion in 2023, the CPC pipeline capacity will reach approx. 80 MMTA.
The Shareholders reviewed and approved the 2020 financial reporting of CPC-R JSC and CPC-K JSC. The new memberships of the Boards of Directors and CPC-R JSC Audit Commission were elected, and the audit entities were also approved for the 2021 financial year.
For information:
The CPC Pipeline System is one of CIS largest energy investment projects that involves foreign capital. The length of the Tengiz – Novorossiysk pipeline is 1,511 km. This route moves over two thirds of all Kazakhstan export oil along with crude from Russian fields including those in the Caspian region. CPC Marine Terminal is equipped with three Single Point Moorings (SPM), allowing tankers to be loaded safely at significant distance offshore, including in poor weather conditions
CPC Shareholders: Federal Agency for State Property Management represented by Transneft (trustee) – 24%, CPC Company – 7%, KazMunayGas – 19%; Kazakhstan Pipeline Ventures LLC – 1.75%, 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%.