ST. PETERSBURG, June 13 (RIA Novosti) - A draft resolution to give Caspian Pipeline Consortium stock to state pipeline monopoly Transneft will be submitted to the government in the near future, the Russian industry and energy minister said Tuesday.
The Caspian pipeline is a 935-mile pipeline linking oil fields in western Kazakhstan with Russia's Black Sea coast.
"A draft resolution on transferring CPC stock to Transneft's balance sheet will be submitted to the government soon," Viktor Khristenko said at an international economic forum in Russia's second city.
Russia's stake in the CPC is 24%. Kazakhstan holds a 19% stake, while Oman owns 7%. Several private companies also have an interest in the consortium, which was founded in 1992 by the governments of Russia, Kazakhstan and Oman to transport Kazakh and Russian oil to a Black Sea terminal.
In 1996, the CPC was joined by eight producer companies, representing international, Russian and Kazakh organizations, including Chevron, LUKoil, ExxonMobil, BP, Rosneft, Shell, ENI, BG and KazMunaiGaz.
The 1,510km CPC oil pipeline system was launched in 2001 and now transfers 30 million tons per year (604,110 bbl/d).
