27th Sep 2010 13:13
NOVATEK COMPLETES DISPOSAL OF NOVATEK-POLYMER
Moscow, 27 September 2010. OAO NOVATEK ("NOVATEK" and/or the "Company") today announced that the Company has completed the sale of 100% of OOO NOVATEK-Polymer ("NOVATEK-Polymer") to OAO SIBUR Holding.
NOVATEK initially transferred a 32% equity interest in NOVATEK-Polymer to OAO SIBUR Holding on 2 September 2010 after the signing of the Sales and Purchase Agreement and the remaining 68% equity interest was transferred on 27 September 2010 after the deal received approval from the Russian Federal Anti-Monopoly Service.
The disposal of NOVATEK-Polymer, which accounts for less than 3% of NOVATEK's total revenues, is consistent with the Company's strategy to focus on its core natural gas and gas condensate production and processing activities.
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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 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