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Meetings of CPC-R Board of Directors and CPC-K Shareholders

21.04.2010 | Transneft Press Service | Meetings of the Board of Directors of CPC-R and the Shareholders of CPC-K were held in Moscow on April 20, where the candidate nominated for the post of CEO was approved, staffing issues were resolved dealing with the organization structure of the Expansion project and a number of issues were considered regarding the annual Shareholders’ meetings of CPC-R and CPC-K, along with other matters of day-to-day functioning of the company.

Due to the end of the term of office of the current CEO Mr. V.Razdukhov, approved to occupy the post of CEO as of May 1 was Mr. A.Tarakanov, who earlier occupied the posts of deputy vice-President of Transneft and CEO of the international project company Trans-Balkan Pipeline B.V., created to implement the project to build the Burgas-Alexandroupolis oil pipeline.

The appointment of Mr. A.Tarakanov as CEO of CPC does not reflect any change in the position of Transneft regarding the Trans-Balkan project. Transneft is ready to carry on work to build the Burgas-Alexandroupolis pipeline as planned.

Transneft, being a trust manager of CPC stock owned by the Russian Federation, attaches great significance to CPC and considers environmentally safe accident-free operation of the system a priority of the consortium. In 2006 the position of CEO was first occupied by a person nominated by the Russian Shareholder in CPC, and then in 2007 Transneft became the trust manager of the Russian share in the consortium. Since then relations and attitudes among the shareholders have changed significantly. Major agreement has been reached on the basic principles for implementing the CPC Expansion project, which resulted in its approval by the Shareholders in December 2009.