News 2021June 2021
On 10 June 2021, Caspian Pipeline Consortium paid out the first ever tranche of dividends to its shareholders for Q4 2020 and Q1 2021. The total amount of dividends payable for that period is USD 665 mln. USD 548 million was distributed to the CPC shareholders in the first tranche (net of withholding tax based on Russian tax law).
The remaining USD 117 will be distributed in the second tranche during the first ten-day interval of July 2021. The dividend payout on CPC shares was enabled and started after full repayment of the shareholder debt earlier outstanding from the construction of the Tengiz-Novorossiysk pipeline system and the execution of an expansion project on the oil pipeline.
CPC paid out the last USD 990 mln portion of the debt in 2020 early owing to its stable financial performance. The size of dividends is planned to be declared quarterly, based on CPC’s financial policy.
Thus, the size of dividends for Q2 and Q3 2021, as well as their payout schedule will be determined at a shareholder meeting in Aktau (Republic of Kazakhstan) in September 2021. The amount of dividends will be recommended based on the company’s profit net of cost. Looking forward, the Consortium intends to continue the practice of regular dividend payouts, unless there are new major projects.