14th Oct 2009 15:20
NOVATEK BOARD OF DIRECTORS ANNOUNCES EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS
Moscow, 14 October 2009. The Board of Directors (the "Board") of OAO NOVATEK ("NOVATEK" and or the "Company") has approved the decision to convene an Extraordinary General Meeting of Shareholders (EGM).
The Board has approved the following agenda for the EGM:
1. Approval of a related party transaction (gas supply contracts) between OAO NOVATEK and OAO INTER RAO UES
2. Approval of several interrelated transactions (amendments to the Natural Gas Supply Contract of 13 November 2006 between OAO NOVATEK and OOO Mezhregiongas) that are considered to be related party transactions.
The gas supply contracts between the Company and OOO INTER RAO UES and OOO Mezhregiongas are considered related party transactions due to the fact that NOVATEK's Board member, Kirill Seleznev, is also a member of the Board of Directors of INTER RAO UES and the General Director of OOO Mezhregiongas.
The value of each of the contemplated gas supply contracts is in excess of two percent (2.0%) of the book value of NOVATEK's assets, under Russian Accounting Standards, as of the last reporting date and therefore requires shareholder approval.
The date of compiling the list of shareholders entitled to participate in the EGM is 19 October 2009. Participation in the EGM will be carried out through absentee voting and all ballots must be received by 24 November 2009.
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For further information, please visit www.novatek.ru or contact:
| Press Service+7 (495) 721 2207
| Investor Relations+7 (495) 730 6020 |
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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 Region, which is the world's largest natural gas producing area and accounts for over 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) 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 2009
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