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. Last Updated: 07/27/2016

Oil Port Deal Signed

MOSCOW -- The Caspian Pipeline Consortium, which is building a crude oil pipeline from Kazakhstan to the Russian Black Sea coast, signed a $360 million deal Tuesday to build an oil terminal at the port of Novorossiisk.

The contract was awarded to Starstroi, a consortium made up of French construction company Bouygues Offshore and Russian companies Kubanneftegazstroi and Stavropoltruboprovodstroi.

"We will lay the foundation stone for the terminal on May 12," Viktor Fedotov, CPC general director, told a news briefing after the signing ceremony.

Bouygues Offshore will hold 70 percent of the project and its parent Bouygues will hold 30 percent.