Putin allows Rosneft-Shell Caspian Ventures to conduct transactions with shares of CPC-R

MOSCOW. Dec 9 (Interfax) - President Vladimir Putin has permitted the execution of transactions with shares of Caspian Pipeline Consortium-R, which belongs to Rosneft-Shell Caspian Ventures Limited, with the corresponding order from the head of state published on the portal of legal information.

The document does not specify which exact transactions are involved. It contains the standard wording for such orders - the execution of transactions or operations "entailing, directly and/or indirectly, the establishment, change, termination, or encumbrance of rights of ownership, use, and/or disposal of shares of the joint-stock company" is permitted.

The Caspian Pipeline Consortium (CPC) connects oil fields in western Kazakhstan and Russian ones on the Caspian shelf with a marine terminal in Novorossiysk. The route's length is 1,500 km. The system is the main export route for Kazakh oil, accounting for more than 80% of the amounts pumped through the pipeline from Kazakhstan. The CPC is capable of transporting approximately 72.5 million tonnes of oil per year from Kazakh territory and up to 83 million tonnes of oil per year through Russia. In 2024, the consortium shipped 63.01 million tonnes of oil via the system; the expected transportation level in 2025 is around 72 million to 74 million tonnes.

The shareholders of the CPC are the Russian state (under the management of Transneft - 24%, on its balance sheet - 7%) with 31%, Kazakhstan with 20.75% (represented by KazMunayGas with 19% and Kazakhstan Pipeline Ventures LLC with 1.75%), Chevron Caspian Pipeline Consortium Company with 15%, Lukoil International GmbH with 12.5%, Mobil Caspian Pipeline Company with 7.5%, Rosneft-Shell Caspian Ventures Limited with 7.5%, BG Overseas Holding Limited with 2%, Eni International N.A. N.V. with 2% and Oryx Caspian Pipeline LLC with 1.75%.