3rd Sep 2010 07:00
FOR IMMEDIATE RELEASE
NOVATEK DISPOSES OF EQUITY INTEREST IN NOVATEK-POLYMER
Moscow, 3 September 2010. OAO NOVATEK ("NOVATEK" and/or the "Company") today announced that the Company has signed the necessary documents for the disposal of its 100% equity interest in OOO NOVATEK-Polymer (NOVATEK-Polymer) to JSC SIBUR Holding (SIBUR). According to the Sales and Purchase Agreement, NOVATEK will initially transfer a 32% equity interest in NOVATEK-Polymer to SIBUR and will transfer the remaining 68% upon approval from the Federal Anti-Monopoly Service.
The disposal of its industrial manufacturing subsidiary is consistent with the Company's strategy to focus on its core natural gas and gas condensate production and processing activities. NOVATEK-Polymer's sales account for less than 3% of NOVATEK's total revenues.
NOVATEK-Polymer is one of the largest Russian and CIS producers of anti-corrosive insulating materials used on underground pipelines and produces more than ten types of polypropylene film and wrap.
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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
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