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On Participation in CPC Operations

Date of publication: 25 October 2021

Recently, several biased Internet media as well as irresponsible Telegram messenger channels have been spreading biased information on Transneft allegedly coordinating the operations of the Caspian Pipeline Consortium and, being the Management Company for the CPC responsible for the oil spill on 07 August 2021 at South Ozereyevka terminal.

As a reminder, the Caspian Pipeline Consortium is an international oil transportation project involving Russia, Kazakhstan and leading crude oil producers.

The CPC shareholders include: the Federal Agency for State Property Management represented by Transneft (trust management) – 24%; the CPC Company – 7%; National Company KazMunayGas holding 19% of all shares; the Republic of Kazakhstan represented by KazMunayGas and Kazakhstan Pipeline Ventures (1.75%); 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%. 

Corporate governance is structured in a way that most decisions affecting and determining all business operations are taken by the shareholders and the board of directors in a consolidated manner.

Therefore, the consortium is not managed by Transneft, does not belong to the Transneft Group, moreover Transneft has never been the owner of the CPC, so we consider the above-stated claims to be deliberate lies called to impair Transneft's image.

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