Rosneft and Rosimushestvo sign contract to manage CPC shares

Jun 27, 2007 02:00 AM

Rosneft and Rosimushestvo (Russian property) signed a contract to manage the shares of the Caspian Pipeline Consortium (CPC), said Sergey Grigoriev, Transneft's president. In the beginning of May the President signed a decree on Caspian Pipeline Consortium-R and Caspian Pipeline Consortium-K shares transmission into Transneft's beneficial ownership.
A 24 % stake in CPC-R and 24 % stake in CPC-K were handed into Transneft's beneficial ownership. CPC pipeline system connects Tengiz field with a sea terminal nearby Novorossiysk. The pipeline is 1,580 km in length.

Transneft occupies a monopolistic position in the market of export oil deliveries by pipeline transport. The company increased oil transportation by 6.3 mm tons to 458.5 mm tons. Consolidated net profit for 2006 made RUB 55.8 bn, which nearly corresponds to the 2005-level.
Transneft's authorized capital stock totals RUB 6.22 mm. The company issued 4,664,627 common and 1,554,875 preferred shares at RUB 1 par. The Government holds 75 % (100 % voting shares) in Transneft. Preferred shares are held by individuals.

Source: AK&M
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