Caspian Pipeline Consortium reveals repayment value made to its shareholders
BAKU, Azerbaijan, May 21
By Nargiz Sadikhova - Trend:
Caspian Pipeline Consortium (CPC) paid out $329 million to its shareholders in 1Q2020 as debt repayment, Trend reports with reference to the CPC.
The issue was discussed during an Extraordinary General Meeting of the CPC-Russia Shareholders and Annual General Meeting of the CPC-Kazakhstan shareholders, held on May 19 and 20, 2020.
CPC also allocated $1.4 billion for the same needs in 2019.
During the meeting, Nikolay Gorban, General Director on the company business activities and health, safety and environment (HSE) results noted that the Marine Terminal transshipped 63.2 million tons of crude oil and loaded 597 tankers in 2019.
Last year, there were almost 13 million man-hours worked without injuries and incidents, including contractors, while accident-free operation of motor vehicles reached 25.6 million km. The compliance audit conducted in June 2019 confirmed that CPC had introduced and maintained an Integrated HSE Management System compliant with the international standards.
“The CPC continues to demonstrate stable results in 2020. The Marine Terminal set a new record of monthly shipment of 6.4 million tons in Mar. that is by 0.5 million tons more than the Dec. 2018 record. From January to March 2020, the operating factor was 99 percent, capacity load was 92 percent. Over the period from the beginning of 2020 through May 15, 2020, the Marine Terminal has already shipped 24.8 million tons of crude oil loaded into 236 tankers,” Gorban said.
The meeting participants also reviewed the issues of implementing the CPC Debottlenecking Program and condition of the pipeline bearing capacity.
CPC Pipeline System is one of the major investment projects in energy sector with participation of foreign capital in the CIS.
The length of the Tengiz–Novorossiysk Pipeline is 1,511 km; it transports over two thirds of all Kazakhstan export crude, as well as crude from Russian oil fields, including the Caspian Region. CPC Marine Terminal is equipped with three Single Point Moorings (SPM) that allow to load tankers safely at a significant distance offshore, also amid poor weather conditions.
CPC Shareholders are: Russian Federation (represented by Transneft – 24 percent and CPC Company – 7 percent) – 31 percent; Republic of Kazakhstan (represented by KazMunayGaz – 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 and Oryx Caspian Pipeline LLC – 1.75 percent.
Follow the author on twitter: @nargiz_sadikh