CPC guarantees efficient and environmentally safe movement of crude oil

The Project is designed to increase the trunk pipeline capacity

Meetings of CPC Corporate Governance Bodies

Annual General Meetings of CPC-R and CPC-K Shareholders were held on 31 May 2023 in Astana.

The Shareholders reviewed CPC-R and CPC-K Financial Statements and passed resolutions on profit (dividends) distribution for 2022.

As a reminder: CPC started paying dividends on the shares in 2021 after the complete repayment of the debt to the Company’s Shareholders who had funded the project to build Tengiz-Novorossiysk pipeline system and expand the crude pipeline throughput capacity.

CPC Finance Policy provides for quarterly accrual of dividends on the Company shares. Their amount is generated by the Company’s profit less CAPEX and OPEX, as well as any existing new major projects.

At the current meeting, the Shareholders approved the schedule and amounts of dividends to be paid out in 2023. It is planned that the next tranche in June will be $742 million, and the budget figure of the total dividends as per the budget forecast will be $1,375 billion.

Election of CPC-R Board of Directors’ and Audit Commission membership, Internal Audit Service members, approval of auditors for 2023 fiscal year became an important result of the Company’s corporate governance bodies’ meetings.

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%.

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