21st Apr 2009 09:49
NOVATEK RESTRUCTURES SHAREHOLDING IN SUBSIDIARY
OAO NOVATEK (the "Company") announced today a restructuring of its participation interest in OOO PurNovaGaz ("PurNovaGaz"). Prior to the restructuring, the Company owned 100% participation interest in the charter capital of PurNovaGaz, whereby after the change, the Company's wholly-owned subsidiary OOO NOVATEK-TARKOSALENEFTEGAS became the owner of this participation interest in PurNovaGaz. The restructuring is aimed at optimizing management efficiencies and reducing administrative expenses at the Company's wholly-owned subsidiaries.
PurNovaGaz is the holder of the license to the Olimpiyskiy license area, which serves as an important asset to NOVATEK's mid-term growth strategy.
For further information, please visit www.novatek.ru or contact:
| Press Service+7 (495) 721 2207 | Investor Relations+7 (495) 730 [email protected] |
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
Related Shares:
NVTK.L