Russia agrees to buy Oman’s 7% in Caspian pipeline project

Deals

Russia has agreed to buy Oman’s 7% stake in the Caspian Pipeline Consortium, a deputy energy minister said on Friday.

“We have accepted the proposal to buy all the 7% [held by Oman]. We have sent our confirmation to Oman,” Stanislav Svetlitsky said.

The Caspian Pipeline Consortium (CPC), designed to carry Kazakh and Russian crude to a terminal on the Black Sea, was commissioned in October 2001. Its capacity currently stands at around 30 million metric tons of oil per year and is expected to double by 2012.

Oman decided to quit the CPC back in March, sending an offer to sell its shares to the consortium’s two other state shareholders - Russia (which holds 24%) and Kazakhstan (19%). Kazakhstan had earlier also sought to acquire Oman’s stake in the project.

The consortium also includes private companies Chevron Caspian Pipeline Consortium Company (15.0%), LUKARCO B.V. (12.5%), Rosneft-Shell Caspian Ventures Limited (7.5%), Mobil Caspian Pipeline Company (7.5%), BG Overseas Holding Limited (2.0%), Agip International (N.A.) N.V. (2.0%), Kazakhstan Pipeline Ventures LLC (1.75%), and Oryx Caspian Pipeline LLC (1.75%). (rian.ru)

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