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NOVATEK ANNOUNCES COMPLETION OF VITINO SEA PORT EXPANSION
23 June 2005
Moscow, 23 June 2005. OAO Novatek (RTS: NVTK) today announced that it has completed the expansion of the Vitino Sea Port Terminal in the Murmansk Region in
The expansion and modernisation of the sea port terminal was carried out in conjunction with ZAO «Belomorskaya Oil Shipping Terminal», and included the expansion of the port’s existing loading capacity and storage facilities, the construction of a new
The capacity of the new terminal is sufficient for
As expected, the modern facilities will enable the Company to maintain high quality standards for its stable gas condensate exports. The initial phase of the development project was completed this month, only 6 months after construction began in December 2004.
The terminal’s new facilities include:
As planned, the Purovsky processing plant will produce approximately 1.6 million tons of stable condensate and approximately 400 thousand tons of liquefied petroleum gas per annum. All of the Purovsky processing plant’s stable condensate output is currently transported to the port by OAO RZD for export whilst the liquefied petroleum gas output is transported by rail for domestic consumption by NovaTrans, a
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. 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 mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol “NVTK”.
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