5th Dec 2012 13:13
RESULTS OF NOVATEK BOARD ?F DIRECTORS
Moscow, 05 December 2012. The Board of Directors ("the Board") of OAO NOVATEK ("NOVATEK" and/or the "Company"), held today, decided to convene an Extraordinary General Meeting of Shareholders ("EGM") in the form of absentee voting on 9 January 2013 to approve several related party transactions. The record date for the EGM is 7 December 2012.
The EGM will consider the following related party transactions:
1. A sales and purchase contract with OAO Mosenergo for the delivery of 27 billion cubic meters (bcm) of natural gas during the period 2013-2015. The contract will allow NOVATEK to considerably reduce the present volume of natural gas sold to wholesale gas traders in relation to the Company's overall natural gas sales volumes mix.
2. Agreements with OAO Sibur Holding ("Sibur") providing for the delivery of 100% of light hydrocarbons produced during gas condensate stabilization process at the Company's Purovsky Plant to Sibur's Tobolsk Petrochemical Complex. These agreements will allow the Company to minimize capital expenditures on the expansion of the Purovsky Plant, as well as to optimize logistics of LPG produced from the light hydrocarbons through NOVATEK's LPG marketing network.
3. Deed of indemnity with GPB-Financial Services LTD and SIB (Cyprus) Limited related to financing activities.
The Board also considered the prospects for developing natural gas marketing capabilities in the Moscow Region and expanding the Company's commercial presence into the retail market of this region. As a result, the Board approved the establishment of a wholly owned subsidiary - OOO NOVATEK Moscow region.
***
For further information, please visit www.novatek.ru or contact:
| Press Service | Investor Relations | ||
| +7 (495) 721 2207 | +7 (495) 730 6013 | ||
|
|
***
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".
Copyright Business Wire 2012
Related Shares:
NVTK.L