27th May 2009 16:38
RESULTS OF NOVATEK'S ANNUAL GENERAL MEETING OF SHAREHOLDERS
Moscow, 27 May 2009. OAO NOVATEK (the Company) has announced the results of its Annual General Meeting of Shareholders (AGM) held in Moscow on 27 May 2009.
The AGM resolved the following agenda items:
Approved the Company's 2008 Annual Report and Financial Results according to Russian Standards of Accounting (RSA), the distribution of profit under RSA, including the full year dividend payment for 2008; Approved the election of a new Board of Directors; Approved the election of members of the Company's Revision Committee including compensation to each member for year; and Approved the election of ZAO PricewaterhouseCoopers Audit as the Company's independent auditors for 2009.The Company achieved record financial results in 2008 as it was stated at the AGM. Total revenues and other income increased to RR 79.04 billion, or by 26.5%, as compared to 2007, and earnings per share grew by 22.2%.
Speaking at the AGM, Leonid Mikhelson, the Company's Chairman of the Management Committee, stated: "Despite the changing economic climate during 2008, we still managed to achieve respectable production growth of 8.3% for natural gas and successfully launched a series of major infrastructure related projects, serving as the platform for the future growth of our core business".
For further information, please visit www.novatek.ru or contact:
| Press Service+7 (495) 721 2207[email protected]
| Investor Relations+7 (495) 730 6020[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
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NVTK.L