OREANDA-NEWS. May 26, 2008. CPC-R and CPC-K Annual General Shareholders’ meetings and those of Companies’ Boards of Directors were held, reported the press-centre of CPC-R.

The General Shareholders meetings have approved CPC-R and CPC-K annual reports and annual accounts for 2007 and distribution of income earned by the Companies during the previous period. CPC-R Audit Commission and CPC-K Internal Audit Service were elected. Companies’ auditors for 2008 audits of financial statements were approved.

At the CPC-R meeting new composition of the Company Board of Directors was elected.

In addition, the Shareholder Representatives and Board Members have reviewed various financial, business, organizational and HR aspects of Consortium’s performance and adopted relevant resolutions.

The Shareholders have discussed the terms of the Memorandum of Understanding between the Parties to the CPC-R/K Shareholders’ Agreement on CPC Expansion Project implementation principles. Further steps aimed at development of a uniform position of the Consortium’s Shareholders regarding Project development parameters have been identified.

The interests of the CPC Founding Governments are as follows: Russia – 24%, Kazakhstan – 19%, Sultanate of Oman – 7%. Private oil companies participating in the Consortium are Chevron Caspian Pipeline Consortium Company - 15%, LUKARCO B.V. - 12,5%, Rosneft-Shell Caspian Ventures Limited - 7,5%, Mobil Caspian Pipeline Company - 7,5%, Agip International (N.A.) N.V. - 2%, BG Overseas Holding Limited - 2%, Kazakhstan Pipeline Ventures LLC - 1,75% and Oryx Caspian Pipeline LLC - 1,75%.