Caspian pipeline firm CPC says it will pay dividends in U.S. dollars

HLV

25/05/2022 09:08

May 25 (Reuters) - Caspian Pipeline Consortium (CPC) said on
Wednesday it would pay dividends to its shareholders in U.S.
dollars except Rosneft-Shell Caspian Ventures Limited.
    Under Russian government rules, Russian companies can only
pay its foreign creditors from "unfriendly" states in roubles
via special "C" accounts opened in Russian banks. 
    CPC received a permission from Russia's finance ministry and
 central bank to make dividend payments in dollars without using
the "C" accounts, excluding Rosneft-Shell Caspian Venture
Limited, the consortium said.
    CPC did not explain why the Rosneft-Shell venture was
excluded from the dividend payment waiver.
    CPC will pay shareholders about $586 million, the equivalent
of more than 42 billion roubles, in dividends for 2021. The sum
will be paid during June-July.
    CPC said oil exports via its Black Sea terminal were at
60.73 million tonnes, 3% above volumes of 2020. 
    CPC's main shareholders are Russia with 31%, Kazakhstan’s
Kazmunaigaz with 19% and Chevron Caspian Pipeline Consortium Co
 CVX.N  with 15%. Others with smaller stakes include Russia's
Lukoil  LKOH.MM , U.S. firm Exxon Mobil  XOM.N , the
Rosneft-Shell venture and Italy's Eni  ENI.MI .
    

 (Reporting by Reuters; Editing by Edmund Blair)