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Transneft Won't Manage Caspian Pipeline Consortium

Russia's oil transport company Transneft failed yesterday to chair...

Transneft Won't Manage Caspian Pipeline Consortium

Russia's oil transport company Transneft failed yesterday to chair Caspian Pipeline Consortium (CPC).

The CPC holders elected Vladimir Razdukhov, vice president of Zarubezhneft, as the CPC general director. State oil firm Rosneft's Yevgeny Popov was elected his deputy for legal issues.

Moreover, the project of CPC extension, which is of no interest to Transneft, will be implemented under control of its opponents in the government, Rosneft and Zarubezhneft.

The 1580km pipeline of CPC connects the fields of western Kazakhstan with Russia?s coast of the Black Sea. The shipment reached 30.5 million tons in 2005. CPC holders are Russia?s Property Ministry (24 percent), Kazakhstan (19 percent), Sultanate of Oman (7 percent), Chevron Caspian Pipeline Consortium Co. (15 percent), LUKARCO B. V. (venture of LUKOIL and BP; 12.5 percent), Rosneft-Shell Caspian Ventures Ltd. (7.5 percent), Mobil Caspian Pipeline Company (ExxonMobil; 7.5 percent), Agip International N. V. (Eni; 2 percent), BG Overseas Holding Ltd. (2 percent), Kazakhstan Pipeline Ventures LLC (1.75 percent) and Oryx Caspian Pipeline LLC (1.75 percent).

Transneft Vice President Konstantin Lysyany had been tipped a frontrunner for the GD office at CPC till March. He was crossed out in the wake of the brawl of Transneft and Rosenergo with Rosneft traders concerning oil shipment to Mazeikiu nafta. Putting forward another candidate, Zagid Saidov, who is standing for ExxonMobile in CPC, didn't help Transneft to win control over CPC.

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