6th Sep 2010 16:22
NOVATEK DELIVERS STABLE GAS CONDENSATE TO CNOOC VIA NORTHERN SEA ROUTE
Moscow, 6 September 2010. OAO NOVATEK ("NOVATEK" and/or the "Company) has announced today the successful delivery of a consignment of its stable gas condensate to China National Offshore Oil Company (CNOOC) via the Arctic Ocean's Northern Sea Route.
The cargo of stable gas condensate, produced at NOVATEK's Purovsky Gas Condensate Stabilization Plant, traveled from Russia's Murmansk Port to China's Ningbo Port in 22 days, approximately half the time required by the traditional shipping route through the Suez Canal.
The success of the first high-tonnage shipment, combined with the significantly reduced delivery time, demonstrates the possibility for future trade with China and other countries of the Asian-Pacific region using the Northern Sea Route as well as providing additional logistical options for developing hydrocarbon fields on the Yamal peninsula and arctic shelf.
An Aframax class tanker from Russian shipbuilder and operator, OAO Sovcomflot, was used to transport the stable gas condensate via the Northern Sea Route with icebreaking support provided by the Russian Federation's, Atomflot.
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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
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