OREANDA-NEWS. On November 27-28, 2007 CPC-R Board of Directors meeting and Extraordinary General Shareholders’ meeting of CPC-K were held in Moscow, reported the press-centre of CPC-R.

The matters pertaining to ongoing financial and business performance of Consortium were reviewed at the meetings, including approval of work implementation to reconstruct the initial pipeline segment. The 2008 Budget was approved. Certain HR decisions were taken.

The new composition of CPC-K Board of Directors comprising 16 members was elected at the meeting.

Both meetings were held in a constructive and business-like atmosphere.

Both Companies’ Board of Directors will hold their next meetings in early February 2008.

The interests of the CPC Founding Governments are as follows: Russia – 24%, Kazakhstan – 19%, Sultanate of Oman – 7%. Private oil companies participating in the Consortium are Chevron Caspian Pipeline Consortium Company - 15%, LUKARCO B.V. - 12,5%, Rosneft-Shell Caspian Ventures Limited - 7,5%, Mobil Caspian Pipeline Company - 7,5%, Agip International (N.A.) N.V. - 2%, BG Overseas Holding Limited - 2%, Kazakhstan Pipeline Ventures LLC - 1,75% and Oryx Caspian Pipeline LLC - 1,75%.