OREANDA-NEWS. November 29, 2010. At the CPC-R Board of Directors meeting and CPC-K Extraordinary General Shareholders’ meeting Nikolai Platonov was elected General Director of both companies. He was nominated by Transneft representing the interests of the Government Shareholder of the Russian Federation. Former CPC General Director Alexander Tarakanov resigned upon agreement of the parties, reported the press-centre of CPC.

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.

Besides, in the course of the meetings some documents were signed and necessary measures were agreed aimed at the approval of the final investment decision on the CPC Expansion Project and adoption of the Project budget in December 2010.

The meetings were held in a business-like and constructive atmosphere. The decisions approved by the Shareholders are intended to ensure the interests of all Consortium Shareholders during an active phase of the CPC oil pipeline system capacity expansion.

New CPC General Director Nikolai Platonov worked for a long time in the system of foreign economic relations, including the Ministry of Economic Development and Trade of the Russian Federation, specializes in international law. Experienced negotiator, provided legal support for the negotiations on Russia accession to the World Trade Organization. Has significant diplomatic background: Trade Representation of the Russian Federation in the United States of America, Permanent Mission of the Russian Federation to the UN Office in Geneva. Prior to his election as CPC General Director Nikolai Platonov was Deputy Director, Department for External Economic Relations,  Transneft.

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.