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MOSCOW, February 20. /TASS/. Russia will contribute 100% of shares of two companies, one of which owns a stake in the Caspian Pipeline Consortium (CPC), to pay for additional issue of Transneft ordinary shares, according to a decree signed by President Vladimir Putin released on the official legal information website on Monday.
The document says that 100% of CPC Company (owns a 7% stake in the Caspian Pipeline Consortium) will be transferred to Transneft equity capital. Also, the decree implies that 100% of CPC Investments Company will be transferred to Transneft capital.
Both companies are registered in the Cayman Islands.
Following the capital increase Transneft will obtain the right for additional issue of preferred shares provided that the stake of the Russian Federation remains at at least 75% + one share, the document says.
CPC is the pipeline system connecting Kazakhstan with a seaport at Novorossiysk, loading oil tankers to supply global markets.
Transneft is the holder of natural monopolies, 100% of the company’s voting shares are in the federal ownership.