19th Nov 2008 16:10
NOVATEK LAUNCHES SECOND PHASE
AT PUROVSKY GAS CONDENSATE PROCESSING PLANT
Moscow, 19 November 2008. OAO NOVATEK (hereinafter "NOVATEK" and/or the "Company") is pleased to announce that it has completed and launched the second phase of its Purovsky Gas Condensate Processing Plant ("Purovsky Plant"). The commissioning of the second phase enables the Company to increase processing capacity to 5 million tons ("mmt") per annum, comprising 3.75 mmt of stable gas condensate and 1.25 mmt of LPG per annum.
The two phases of the Purovsky Plant were completed over a five-year period:
1st phase - comprising two (2) million tons was constructed during the period from October 2003 to June 2005. 2nd phase - comprising an additional three (3) million tons was constructed during the period from July 2007 to October 2008.The commencement of operations at the Purovsky Plant has proved a vital link in NOVATEK's mid-stream operations enabling the development of the Company's complex gas condensate fields as well as optimizing marketing channels for gas condensate production. "The Purovsky Plant is an integral part of NOVATEK's gas condensate value chain and has allowed us to optimize our liquids commercial trading operations both domestically and internationally", stated Leonid V. Mikhelson, CEO, NOVATEK.
The Purovsky Plant will continue to have a significant social impact in the region by developing infrastructure, creating new jobs and increasing tax revenues.
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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[email protected] |
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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 2008
Related Shares:
NVTK.L