CPC forecast final dividend payment amount in 2023 at USD 1.34 billion
In 2022, the total amount of dividends corresponds to USD 533 million
CPC Shareholders approved schedule and amounts for dividends payment in 2023 in the course of the CPC Corporate Governance Bodies meetings conducted in May 2023.
CPC Finance Policy provides for payment of interim and annual dividends. Their amount is generated by the Company’s profit less CAPEX and OPEX, as well as any existing new major projects.
Pursuant to decisions made on May 31, 2023, CPC-R paid next tranche of dividends to the Shareholders in RUR and USD in the latter half of June 2023.
Payments to CPC-K Shareholders will be made within the term established by the RK applicable laws.
Dividends were distributed to the participants of the Consortium in RF based on the results of the Company's performance in 2022 in the total amount of RUR 43 billion before withholding tax deduction, which corresponds to USD 533 million at the exchange rate as of the date of the shareholders' decision, taking into account the recommendations of the Intergovernmental Commission of the Russian Ministry of Finance, approved by the RF Central Bank in terms of the right of international shareholders to receive dividends in a currency other than the national RF currency.
Please, note that CPC started paying dividends in 2021 after complete repayment of the debt to the Company’s Shareholders who had funded the project to build Tengiz-Novorossiysk pipeline system and expand the crude pipeline throughput capacity.
Given the amounts already approved for payment according to 2022 results, the forecast final dividend payment amount in 2023 is USD 1.34 billion.
CPC Pipeline System is one of the major investment projects with foreign capital in energy sector in the CIS. The length of the Tengiz – Novorossiysk pipeline is 1,511 km. This route transports over two thirds of all Kazakhstan export crude, as well as crude from the Russian oil fields, including those in the Caspian Region. CPC Marine Terminal is equipped with three Single Point Moorings (SPMs) that allow loading tankers safely at a significant distance offshore, also amid poor weather conditions.
CPC Shareholders: Federal Agency for State Property Management represented by Transneft (trust management) – 24%, CPC Company – 7%, KazmunayGas – 19%, Kazakhstan Pipeline Ventures LLC – 1.75%, Chevron Caspian Pipeline Consortium Company – 15%, LUKARCO B.V. – 12.5%, Mobil Caspian Pipeline Company – 7.5%, Rosneft-Shell Caspian Ventures Limited – 7.5%, BG Overseas Holding Limited – 2%, Eni International N.A. N.V. S.ar.l. – 2% and Oryx Caspian Pipeline LLC – 1.75%.
