CPC Shareholders Adopt Expansion Project, Caspian Pipeline Consortium
Release Date: 2010-09-29
CPC-R Board of Directors meeting and CPC-K Extraordinary General Shareholders’ meeting were held in Astana (Kazakhstan) on September 28/29. The CPC-K meeting was attended by K. Kabyldin, President of Kazmunaigaz.The meetings were focused on the adoption of the final investment decision for Expansion Project next December. The Shareholders have agreed on CPC Expansion schedule, amendments to the Shareholders’ Agreement, Ship-or-Pay Agreement, Inter-Creditor Agreement, as well as amendments to the Loan Agreements.
In addition, the Shareholders have reviewed various aspects of the current performance of CPC and have adopted the necessary resolutions. In particular, they approved award of a contract for major repair of CPC pipeline roadway and railroad crossings with pipe replacement in Kazakhstan.
According to the current estimates, the Expansion giving additional capacity for the CPC pipeline system up to 67MMTA will be fully completed in 2014. The Expansion Project includes construction of 10 additional pump stations (2 in the Republic of Kazakhstan and 8 in Russia), six crude oil storage tanks near Novorossiysk, third single point mooring at the CPC Marine Terminal as well as replacement of 88 km of pipelines in Kazakhstan.
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%.
| Type: | NORMAL |
| Company: | Caspian Pipeline Consortium |
| Country: | 俄罗斯 |