OREANDA-NEWS. CPC-R and CPC-K Annual General Meetings, as well as CPC-R Board Meeting were held in London.

2012 annual reports and financial statements were approved. It was reported that the 2012 throughput was 33.3 mln tons while the tariff revenue remained at the 2011 level and amounted to USD 1.1 bln. On the basis of the financial year results the Company resolved not to pay dividends.

New CPC-R Board and CPC-R Audit Commission members were elected. Ernst&Young was again approved as the auditor of the Company.

The Meetings also reviewed current financial and business matters and received a report on the Expansion Project progress.

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.