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Caspian Pipeline Consortium expects consolidated revenue to rise to $2.5 bln in 2024

Dividends worth $1.34 bln for 2023 were paid to CPC’s shareholders, Nikolay Gorban said

ASTANA, January 16. /TASS/. Caspian Pipeline Consortium (CPC) expects an increase in consolidated revenue to $2.5 bln in 2024 from $2.3 bln in 2023, Chief Executive Officer Nikolay Gorban said.

"In 2023, consolidated revenue of CPC amounted to $2.3 bln. For CPC-K, this figure is $460 mln, or almost 210 bln tenge. Net profit of CPC-K is 77 bln tenge ($170 mln). Tax payments for the year roughly stood at 80 bln tenge ($194.8 mln). According to the forecast for 2024, CPC’s consolidated revenue will rise to $2.5 bln. Then projected consolidated revenue of CPC-K will total 236 bln tenge ($522.6 mln), net profit - 92 bln tenge ($203.7 mln), while tax payments - 48 bln tenge ($106.3 mln)," he told a briefing.

Dividends worth $1.34 bln for 2023 were paid to CPC’s shareholders, Gorban added. In particular, the consortium paid interim dividends for the first time separately to shareholders of CPC-K in Kazakhstan in the amount of $93.5 mln.

CPC is the pipeline system connecting Kazakhstan with a seaport in Novorossiysk area, where tankers are loaded with oil for the supply to global markets. The 1,511 km long pipeline links oilfields in the West Kazakhstan with the marine terminal in Novorossiysk. CPC Marine Terminal is equipped with three Single Point Moorings that allow loading tankers safely at a significant distance offshore, also amid poor weather conditions.