Azerbaijan, Baku, May 31 / Trend E. Kosolapova/
The Caspian Pipeline Consortium will not pay dividends based on the previous financial year's results, the consortium reported on Thursday. Such decision was taken at the annual general meeting of Caspian Pipeline Consortium-R (CPC-R) and Caspian Pipeline Consortium-K (CPC-K) Shareholders on May 29-30.
The 2011 Annual Report and Financial Statements of the companies were approved. Last year the companies reported total throughput of 34.2 million tons and tariff revenue of $1.12 billion.
Moreover, the Consortium's shareholders elected new Board of Directors of Caspian Pipeline Consortium-R and Caspian Pipeline Consortium-K, CPC-R Audit Commission and CPC-K Internal Audit Service. Ernst&Young was approved as the auditor of the Consortium.
Shareholders instructed Company Management to continue organization of new regional subdivisions of the Company in Russian Kalmykia and in Stavropol Krai as additional pipeline system facilities are commissioned in these regions.
Caspian Pipeline Consortium (CPC) is a major international crude oil transportation project with the participation of Russia, Kazakhstan and leading international oil and gas companies (such as Chevron, Shell, ExxonMobil, Eni, British Gas, Rosneft, Lukoil), created for construction and operation of a trunk pipeline more than 1.500 kilometers long.
The primary source of crude oil is from prolific fields in Western Kazakhstan with additional crude oil from Russian producers. This crude oil is transported via the CPC pipeline to the Company's Black Sea Terminal, where the crude oil is loaded on tankers for further delivery to the world markets.
