CPC
Shareholders approved schedule and amounts for dividends payment in 2023 in the
course of the CPC Corporate Governance Bodies meetings conducted in May 2023.CPC Finance
Policy provides for payment of interim and annual dividends. Their amount is
generated by the Company’s profit less CAPEX and OPEX, as well as any existing
new major projects.
Pursuant to
decisions made on May 31, 2023, CPC-R paid next tranche of dividends to the
Shareholders in RUR and USD in the
latter half of June 2023.
Payments to
CPC-K Shareholders will be made within the term established by the RK
applicable laws.
Dividends
were distributed to the participants of the Consortium in RF based on the
results of the Company's performance in 2022 in the total amount of RUR 43
billion before withholding tax deduction, which corresponds to USD 533 million
at the exchange rate as of the date of the shareholders' decision, taking into
account the recommendations of the Intergovernmental Commission of the Russian
Ministry of Finance, approved by the RF Central Bank in terms of the right of
international shareholders to receive dividends in a currency other than the
national RF currency.
Please, note
that CPC started paying dividends in 2021 after 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.
Given the
amounts already approved for payment according to 2022 results, the forecast
final dividend payment amount in 2023 is USD 1.34 billion.
For information:
CPC Pipeline System is one of the major
investment projects with foreign capital in energy sector in the CIS. The
length of the Tengiz – Novorossiysk pipeline is 1,511 km. This route transports
over two thirds of all Kazakhstan export crude, as well as crude from the
Russian oil fields, including those in the Caspian Region. CPC Marine Terminal
is equipped with three Single Point Moorings (SPMs) that allow loading tankers
safely at a significant distance offshore, also amid poor weather conditions.
CPC Shareholders: Federal Agency for State
Property Management represented by Transneft (trust management) – 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. S.ar.l. – 2% and
Oryx Caspian Pipeline LLC – 1.75%.