CPC to pay $1.5 bln of debts to shareholders in 2016

​As of the end of 2015 the debt before the shareholders made up $5.38 bln.

In 2016 CPC plans to settle $1.5 bln of debts to its shareholders – at the level of 2015, the CEO of CPC, N. Gorban, said.

On the results of the meeting of the Board of Directors the payment in 2016 was supposed to make up $1 bln.

The debt occurred as a result of the signing of loan agreements in 1997 by the Government shareholders and extraction companies as creditors and CPC-P CJSC and CPC-K JSC as borrowers. Previously the shareholders of CPC decided to shut down the payments by loans until the completion of realization of the project of expansion of capacities. In February 2015 the shareholders of CPC approved the early start of payments in the framework of debt settlement. This decision was made taking into account the company’s sufficient funds to complete the process of expansion the capacities.