OREANDA-NEWS. On October 14-15, 2008 CPC-R Board of Directors meeting and CPC-K General Shareholders’ meeting were held in Moscow, reported the press-centre of CPC-R.

During the meetings the Consortium’s managing bodies have reviewed various aspects of the Company’s ongoing financial and business performance and adopted a number of resolutions necessary for maintaining efficient and safe pipeline operation, and also approved execution of major contract agreements for the maintenance of the pipeline system facilities.

In addition, a resolution on the Expansion Project detailed design was adopted determining the procedure and stages of the work organization, financing and implementation for further Project advancement. It is envisaged that development of the Expansion detailed design based on updated Russian and Kazakh CPC Project TEO will begin in 2009.

The Consortium’s Shareholders have also discussed the steps necessary to complete reconciliation of the Memorandum of understanding of the Parties to the CPC-R/K Shareholders’ Agreement on CPC Expansion Project implementation principles.

At the CPC-R Board of Directors meeting A. McGrahan was re-elected Board Chairman.

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%.