11th Oct 2012 07:04
OAO NOVATEK ("NOVATEK" or the "Company"), announced today the conclusion of an agreement with Braskem (Brazilian petrochemical company) for supplying up to one million tons of naphtha produced at the Ust-Luga Transhipment and Gas Fractionation complex ("Complex") in 2013.
NOVATEK is currently completing the first phase construction of the complex at the port of Ust-Luga, which includes facilities for transhipment and fractionation of stable gas condensate into refined products. At full capacity, the Complex will process up to six ("6") million tons of gas condensate per annum to produce naphtha, diesel and jet fuel, as well as heating oil. The Complex will allow the Company to enter new markets, expand its customer base and increase sales of higher value added products.
First Deputy Chairman of NOVATEK's Management Board, Mikhail Popov noted: "The conclusion of this sales contract represents the first export agreement signed by the Company for its new Ust-Luga complex commencing in 2013, and allows NOVATEK to implement its production plans to market its naphtha products with major global consumers".
Vice President of Braskem's Petrochemical Division, Rui Chammas commented: "This contract will allow Braskem to receive high quality feedstock and to build a strong partnership with NOVATEK which plays an important role in a rich hydrocarbon production region in Russia".
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For further information, please visit www.novatek.ru or contact:
| Press Service+7 (495) 721 2207[email protected]
| Investor Relations+7 (495) 730 6013[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 Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 84% of Russia's natural gas production and approximately 17% 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 in Russia on MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol "NVTK".
Braskem is a leading producer of thermoplastic resins in the South and North America. The company has 35 production facilities in Brazil, the United States and Germany with annual production exceeding 16 million tons of thermoplastic resins and other petrochemical products. Braskem is also known as the world largest producer of biopolymers based on ethanol derived from vegetable raw materials.
Copyright Business Wire 2012
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