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New Board of Directors elected in Caspian Pipeline Consortium

Oil&Gas Materials 19 September 2013 17:47 (UTC +04:00)
The Caspian Pipeline Consortium-R and Caspian Pipeline Consortium-K shareholders, as well as the CPC-R Board of Directors of Caspian Pipeline Consortium-R held an extraordinary general meeting in Almaty on September 17-18

Azerbaijan, Baku, Sep. 19 / Trend E. Kosolapova/

The Caspian Pipeline Consortium-R and Caspian Pipeline Consortium-K shareholders, as well as the CPC-R Board of Directors of Caspian Pipeline Consortium-R held an extraordinary general meeting in Almaty on September 17-18, CPC reported.

"The Shareholders General Meetings elected new members to the CPC-R and CPC-K Boards of Directors, reviewed current business issues of the companies, heard the Consortium Management HSE report," the consortium said.

The names of the members of new Boards of Directors were not mentioned.
The CPC management bodies also discussed the Expansion Project implementation and company procurement optimization.

The length of the CPC pipeline connecting the oil fields in Western Kazakhstan with the Marine Terminal near Novorossiysk is 1,511 kilometers.

CPC Shareholders: Russian Federation (represented by Transneft - 24 percent and CPC Company - 7 percent) - 31 percent; Republic of Kazakhstan (represented by KazMunaiGaz - 19 percent and Kazakhstan Pipeline Ventures LLC - 1.75 percent) - 20.75 percent; Chevron Caspian Pipeline Consortium Company - 15 percent, LUKARCO B.V. - 12.5 percent, Mobil Caspian Pipeline Company - 7.5 percent, Rosneft-Shell Caspian Ventures Limited - 7.5 percent, BG Overseas Holding Limited - 2 percent, Eni International N.A. N.V. - 2 percent и Oryx Caspian Pipeline LLC - 1.75 percent.

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