1st Sep 2009 08:10
RUSSIAN RAILWAYS AND NOVATEK DISCUSS COOPERATION UNDER THE STRATEGIC PARTNERSHIP AGREEMENT
OAO NOVATEK ("NOVATEK") announced today that OAO Russian Railways (Russian Railways) CEO Vladimir Yakunin and NOVATEK CEO Leonid Mikhelson held a working meeting to discuss the two companies' cooperation, under their Strategic Partnership Agreement, relating to the transportation of liquid hydrocarbons from NOVATEK's wholly-owned Purovsky Processing Plant ("Purovsky Plant").
At the meeting, it was noted that during the 1H 2009, the mutual cooperation between the companies had a positive and beneficial influence on both their financial and operational results. In the 1H 2009, NOVATEK increased volumes shipped by Russian Railways from the Purovsky Plant by 29.5%, as compared to the same period in 2008, while payments for rail transportation increased by 18.8% compared to the 2008 period.
The two CEO's noted that the preservation of the current terms of cooperation would allow the companies to continue the positive growth in production and rail transport of stable gas condensate and LPG in 2010.
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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 2009
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