Plans advance for Caspian pipeline

Russian oil transportation company Rosneft plans to help finance its share in the Caspian Pipeline Consortium (CPC) through a joint venture with Shell Exploration BV. Rosneft will hold 51% and Shell 49% of the Russian firm's 7.5% interest in the crude oil line, expected to start up in mid-1998 at the earliest. Shell said the original CPC agreement between the governments of Russia, Kazakhstan, and Oman had to be restructured to incorporate western companies as a source of finance. A restructuring protocol signed in April involved, besides Rosneft, shareholders Chevron Corp. 15%, Mobil Corp. 7.5%, British Gas plc 2%, Agip SpA 2%, Munaigaz 1.75%, Lukoil 12.5%, the Russian g...

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