British BP is ready to approve the extension of the pipeline Tengiz – Novorossiysk through shareholders’ equity CTC, if all shareholders of the consortium will agree to sell its shares in two joint ventures, a consortium of shareholders.Shareholders of the Caspian Pipeline Consortium must sign a memorandum on expanding the pipeline (from the current 32.6 million tons of oil a year to 67 million tons) on 17 December. This will happen immediately after BP receives unconditional and unrestricted right to negotiate a sale of its shares in CTC a group of companies , said a representative of BP Vladimir Buyanov. However, experts believe that the owners of the pipeline will not allow entry into the draft of other companies, announced today RBC daily. BP owns a 6.6-percent share in the project through its participation in the capital of two joint ventures – shareholders of the Caspian Pipeline Consortium (CPC): 19% in joint venture with Kazmunaygazom – Kazakstan Pipeline Ventures LLC and 46% – in joint venture with Lukoil – Lukarco BV Russia controls the 24-percent share of CTC, through the Transneft , another 7% agreed to buy from Oman. Kazakhstan owns 19% of the CTC. Among private oil companies – participants in a consortium with the participation of a number of SP Chevron, Rosneft , Shell, ExxonMobile and other companies. BP agrees to put his signature under the memorandum on expanding the pipeline Tengiz to Novorossiysk 32 million to 67 million tonnes per year. However, it is possible unless the other owners of the CTC to provide it with the right to negotiate the sale of their shares to other companies, said the representative of VR Vladimir Buyanov. In doing so, he said, the company has already made a relevant proposal to its partners in the project and are currently being negotiated for that right. Buyanov added that even if the sale of shares in each of the JV will be carried out with Kazmunaygazom and Lukoil, have a priority right to buy these assets, is still at its commission and the output of the BP project must agree absolutely all participants in the consortium. In the Company confirmed that negotiations with BP to buy back its shares in CTC continues. Earlier, the head of LUKOYLa Vagit Alekperov told that the company as a party to the joint venture is a primary right of redemption. In doing so, he said, LUKOIL is not going to impede the entry of BP from the CTC. As RBC daily wrote, referring to a source close to the Russian shareholders of the CTC, British Lukoil hopes to sell its share for 2.5 billion U.S. However, this does not suit Russian companies, but at the same time, it intends to abandon the deal . Question Pipeline Expansion CTC has so far remained unresolved because of disagreements shareholders. But last week Transneft reported that a memorandum of expansion will be signed Dec. 17 by all shareholders other than BP. Then the law CTC owners can apply to the court against BP, as well as its position on the expansion enters into losses other participants Consortium . The editor of the Caspian region RusEnergy Igor Ivahnenko believes that the value of the share in joint venture with BP Kazmunaygazom will be comparable to the price paid by Russia to Oman. Previously, it was reported that Oman wanted 700 million dollars for its 7% in the project. However, the expert is confident that the VR will not find support from all shareholders of CTC. According to his information, Kazmunaygaz would like to buy share of the British company in Lukarco, because it includes not only shares in CTC, but also share in oil production Tengizshevroyla . However, such a preferential right of redemption from Lukoil, which while refusing to pay dearly for the asset, but also refuses to implement its preimuschestva.Spravka.KTK – operator of the pipeline Tengiz – Novorossiysk. Major shareholders: Russia (31%), Kazakhstan (19%); the remaining 50% – from private companies (Chevron, Exxon, etc.).. Debt – $ 4.7 billion
