CPC Shareholders agree to launch CPC Expansion Project construction , Caspian Pipeline Consortium

Release Date: 2011-04-19

At CPC-R Board of Directors' and CPC-K Extraordinary General Shareholders’ meeting in Moscow, CPC shareholders adopted resolutions for implementation of the first Expansion stage

CPC Shareholders have discussed the current Expansion status and adopted resolutions necessary for implementation of the first Expansion stage. In particular, they approved execution of agreements with 11 earlier selected contractors to perform construction work at principal Brownfield and Greenfield Expansion facilities in the Russian Federation. Likewise, 7 principal Expansion construction agreements were approved for the Republic of Kazakhstan. A number of other financial and organizational solutions have been agreed on. The Shareholders’ resolutions launch the active phase of the CPC pipeline system capacity expansion in June 2011.

In addition, the participants have discussed various aspects of Consortium’s ongoing financial and business performance.

The Expansion provides a 67MMTA increase for CPC pipeline system capacity. The Expansion Project includes rehabilitation of the existing, construction of 10 additional pump stations (2 in Kazakhstan and 8 in Russia), six crude oil storage tanks near Novorossiysk, as well as the third single point mooring at the CPC Marine Terminal and replacement of 88 km of pipelines in Kazakhstan with a larger diameter pipe.

Type:	NORMAL
Company:	Caspian Pipeline Consortium
Country:	俄罗斯