The following persons participated in the meeting:
from CPC: CPC General Director Nikolay Gorban, Deputy General Directors Mikhail Grishankov and Kairgeldy Kabyldin, CPC Operations Consultant Dennis Fahy;
from Chevron: Andrew McGrahan, CPC-R Board Chairman, President of Chevron Neftegaz Inc., Michael K. Wirth, Vice Chairman of the Board and Executive Vice President, Midstream and Development, Chevron, Jay R. Pryor, Vice President, Business Development, Chevron.
In the course of negotiations, the parties discussed a wide range of matters of the interaction between the Companies, and the prospects of cooperation development in view of the increase of the throughput capacity of Tengiz-Novorossiysk pipeline system after the completion of CPC Expansion Project.
It was also noted at the meeting that Chevron was one of the major Shareholders of the Consortium and major Shipper of crude oil transported by CPC pipeline system.
FYI:
The CPC pipeline system is one of the largest investment projects with foreign capital in the energy sector in the CIS. The length of Tengiz-Novorossiysk pipeline is 1,511 km; more than two thirds of all export crude oil from Kazakhstan and crude oil from the Russian fields, including those in the Caspian Region, are transported by this route. CPC Marine Terminal is equipped with three Single Point Moorings (SPM) that allow to load tankers safely at a significant distance offshore, also amid poor weather conditions.
CPC Shareholders: Russian Federation (represented by Transneft – 24% and CPC Company – 7%) – 31%; Republic of Kazakhstan (represented by KazMunayGaz – 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%.