OREANDA-NEWS. Caspian Pipeline Consortium-R Board and Caspian Pipeline Consortium-K General Shareholders Meetings were held.

The CPC-K General Shareholders Meeting elected a new Board which included General Director Nikolai Brunich.

The agenda included CPC financial & business matters, specifically the execution of a contract with a new security contractor for existing and new facilities of the CPC pipeline system in Kazakhstan. A CPC Capacity Expansion progress update was presented.CPC Pipeline System is one of the major investment energy projects with foreign participation in the CIS. The pipeline that transports crude oil from the oil fields of Western Kazakhstan to the Marine Terminal in Novorossiysk is 1,511 km long. CPC Marine Terminal is equipped with single-point moorings, which enable safe loading of tankers at a considerable distance from the shore, including in adverse weather conditions.

The Expansion Project envisages rehabilitation of 5 existing and construction of 10 additional pump stations (2 in the Republic of Kazakhstan and 8 in the Russian Federation), six near Novorossiysk and an SPM at the CPC Marine Terminal to supplement 4 existing crude oil storage tanks. It also includes replacement of a 88 km pipeline section in Kazakhstan with a larger diameter pipe. Total investment in the Project will be USD 5.4 billion.

CPC Shareholders: Russian Federation (represented by Transneft - 24% and CPC Company - 7%) - 31%; Republic of Kazakhstan (represented by KazMunaiGas - 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%