1st Dec 2011 07:00
NOVATEK ACQUIRES REGIONAL GAS DISTRIBUTOR
Moscow, 1 December 2011. OAO NOVATEK ("NOVATEK" and/or the "Company") has announced today that the Company, through its subsidiaries, has acquired a 100% participation interest in the share capital of OOO Gazprom Mezhregiongas Chelyabinsk ("Gazprom Mezhregiongas Chelyabinsk") for total consideration of RR 1.55 billion.
Gazprom Mezhregiongas Chelyabinsk is responsible for the sale of natural gas to industrial and residential customers in the Chelyabinsk Region (the "Region") and in 2010, and during the first nine months of 2011, supplied 11.4 billion cubic meters (bcm) and 7.4 bcm, respectively, of natural gas to the Region.
As a result of the acquisition, NOVATEK, through its wholly-owned subsidiaries, will supply 100% of the Chelyabinsk Region's gas demand which currently exceeds 15 bcm per annum, ranking it as one of the top ten Russian regions in terms of natural gas consumption. Prior to the acquisition, the Company's wholly owned subsidiary, OOO NOVATEK Chelyabinsk, supplied approximately 30% of the Region's gas supply.
According to NOVATEK's Chairman of the Management Board, Leonid V. Mikhelson, "The acquisition of Gazprom Mezhregiongas Chelyabinsk is consistent with the Company's commercial strategy to increase market penetration in key natural gas consuming regions within the domestic market."
Note:
In November 2010, NOVATEK signed a Cooperation Agreement with the Government of the Chelyabinsk Region, which provided for the efficient supply of energy resources to the Region in accordance with the Chelyabinsk Regional Government's policy on social and economic development. In addition to the supply of natural gas, NOVATEK plans to supply approximately 50 thousand tons of LPG to the Region in 2011, both directly and through its wholly owned subsidiary, NOVATEK-AZK, which is developing a network of gas refueling stations in the Chelyabinsk Region.
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For further information, please visit www.novatek.ru or contact:
| Press Service | Investor Relations | ||
| +7 (495) 721 2207 | +7 (495) 730 6013 | ||
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OAO NOVATEK is Russia's largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company's upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 83% of Russia's natural gas production and 16% of the world's gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company's shares are listed on the Russian Trading System (RTS), MICEX Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol "NVTK" and on the NASDAQ PORTAL System as Rule 144A GDR under the ticker symbol "NVATY".
Copyright Business Wire 2011
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