Azerbaijan, Baku, Nov. 25 / Trend /
Nikolai Platonov is elected the new Managing Director of the Caspian Pipeline Consortium (CPC). In this position Platonov replaced Alexander Tarakanov.
At the CPC-R Board of Directors meeting and CPC-K Extraordinary General Shareholders' meeting held on Nov. 23-24 Platonov was elected General Director of both companies. He was nominated by OAO AK Transneft representing the interests of the Government Shareholder of the Russian Federation, the CPC reported.
Vyacheslav Sergeev was approved as CPC General Manager, Expansion Project, Roman Vasilyev - CPC General Manager, Field Operations.
Also, the Consortium Shareholders approved the 2011 capital expenditures and OPEX budgets for both companies.
Under the project, the pipeline's capacity will be increased from the current 30 million tons to 67 million tons per year.
The CPC Expansion Project providing for the pipeline system capacity increase up to 67 MMTA (without DRA use) includes construction of 10 additional pump stations (2 in the Republic of Kazakhstan and 8 in the Russian Federation), six crude oil storage tanks near Novorossiysk, third single point mooring at the CPC Marine Terminal, as well as replacement of 88 km of pipeline in Kazakhstan. The Project is intended to be financed, mostly, out of own Consortium funds. The Expansion is scheduled to be completed in 2014.
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%.