NOVATEK AND THE IFC REACH PRELIMINARY AGREEMENT ON LONG-TERM LOAN
OAO Novatek, and the International Finance Corporation (IFC), the private financing arm of the World Bank, have reached a preliminary agreement on a
According to Novatek’s CFO Mr. Mark Gyetvay, «The Company has worked very closely with the IFC over the past year to structure a loan facility with repayment terms based on domestic natural gas sales. The announcement of this loan agreement signifies to the financial community that Novatek fully endorses IFC’s environmental and social policies and guidelines, international corporate governance, and financial transparency standards».
Initially discovered in 1970, the Yurkharovskoye natural gas and gas condensate field is located within the Polar Circle to 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.