Shareholders of the Caspian Pipeline Consortium (CPC) met today in Moscow to discuss the rescheduling of the consortium's debt through a Eurobond issue and the new draft articles of association, RBC reports. According to the CPC press office, the shareholders set up a Transneft-led working group, which is to work out a detailed debt rescheduling plan and submit it to the shareholders before the end of August 2007. The new wording of the CPC articles of association may be finalized in the near term, and the achievements of the working group and the draft will be approved the CPC extraordinary general meeting in September 2007.
Yesterday, Transneft head Semyon Vainshtok said that the company toughened its proposals to CPC shareholders after the extraordinary general meeting turned them down in early July. According to Vainshtok, Transneft will spearhead another extraordinary general meeting in autumn with the same issues on the agenda.