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November 14, 1994|From Times Staff and Wire Reports

Chevron Denies Caspian Pipeline Move: The petroleum company denied that it is seeking a 50% stake in a new oil pipeline from Kazakhstan to Russia's Black Sea port of Novorossiisk. Chevron Corp. said Interfax news agency misquoted a Russian energy minister after talks with Chevron Chairman Kenneth Derr. The talks covered Chevron's latest proposals to break a deadlock over financing the $1.2-billion Caspian Pipeline Consortium. Chevron said previously that it was being asked to contribute virtually all the financing in exchange for a 25% share in the consortium. Under Chevron's proposal to provide half the financing for 25% ownership, Russia and Kazakhstan would buy 25% each with existing pipeline assets. Another 25% would go to a fourth partner that could match Chevron's financial support.

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