NOVATEK issues $100 million of Credit Linked Notes
12 April 2004, Moscow. NOVATEK, the largest independent Russian gas producer has placed Credit Linked Notes (CLN) for $100 million.
The actual demand for the CLN was 50% higher than supply. The placement involved investors from Europe, Asia, Russia and the
The funds raised through the CLN issue will be used for the construction of a gas condensate stabilization plant and for development projects at Novatek fields to increase natural gas production.
Novatek is the leader among independent Russian gas producers In 2003, OAO Novatek’s net production totaled 13.5 billion cubic meters («bcm») of natural gas (gross 20.4 bcm) and 1.7 million tons of crude oil and gas condensate (gross 2.4 million tons). In 2004, Novatek plans to increase gross gas production to 27 bcm. The company plans to produce 50 bcm per annum of natural gas by 2010, bringing Novatek’s portion of total gas produced in Russia to 7%.
According to IFRS reporting for 6 months of 2003, the sales proceeds accounted for RUR7.1 billion (US$234 million).
The company gas reserves are among the largest ones of independent gas producers both in Russia and abroad. Recoverable gas reserves are 1.5 trillion cubic meters (ABC1+C2). By this factor Novatek essentially surpasses most of independent producers in the world. NOVATEK’s operating fields are located in the
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. Upstream activities of the Company’s subsidiaries and joint ventures 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.