CPC Signs Cooperation Agreements with the Russian Regions Before Its Further Expansion, Caspian Pipeline Consortium
Release Date: 2010-09-20
CPC signed cooperation agreements with Krasnodar Krai Administration, the Stavropol Krai Government and the Mayor of Novorossiysk (part of Krasnodar Krai) at the Sochi 2010 International Investment Forum held on 16-19 September, 2010The key subject of the agreements is CPC Expansion Project that will increase the pipeline's capacity more than twice. Under these agreements, CPC commits to agree the allocation of the facilities with the local authorities, duly pay taxes and other charges to the national budgets at all levels, contract local construction contractors, create jobs for qualified local staff and continue providing sponsorship in the host regions crossed by the pipeline.
The regional and the local authorities shall assist CPC with the allocation of landplots, reviews, sign-offs, construction and commissioning permits and information support. A special stress is made on environmental compliance.
The agreements are aimed at strengthening the financial and economic position, enhancing the production potential and improving the investment climate in the related regions, supporting the social stability and increasing the prosperity of the local populations.
Earlier, CPC had signed similar agreements with the Republic of Kalmykia and the Astrakhan Region.
CPC Expansion project that is expected to increase the CPC capacity to 67 MTA will be completed in 2014. The Expansion project is currently estimated at USD 4.6 bn. The project includes 10 new oil pump stations (2 in Kazakhstan and 8 in Russia), six crude oil tanks near Novorossiysk, a third single point mooring at the CPC Marine Terminal and 88 km pipeline replacement in Kazakhstan.
| Type: | NORMAL |
| Company: | Caspian Pipeline Consortium |
| Country: | Russian Federation |