26th Jul 2010 16:41
NOVATEK AND GAZPROM NEFTESTABLISH JOINT VENTURE
Moscow, 26 July 2010. OAO NOVATEK ("NOVATEK" and/or the "Company") has announced the creation of a joint venture, OOO Yamal Development, with OAO Gazprom Neft to jointly develop potential hydrocarbon assets in the Yamal-Nenets Autonomous Region (YNAO), with each entity holding a 50% equity participation interest in OOO Yamal Development. The combined experience of the two companies will enable the joint venture to optimize the development of complex multi-layered fields containing natural gas, gas condensate and crude oil in the YNAO and to ensure the rational management of the Region's resources.
The creation of the joint venture is consistent with NOVATEK's strategy to increase the Company's production capacity and resource base of natural gas and liquid hydrocarbons.
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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 90% of Russia's natural gas production and 20% 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 2010
Related Shares:
NVTK.L