NOVATEK ACQUIRES FULL CONTOLL OVER ITS MAIN GAS PRODUCING ASSETS
Moscow, 27 December 2004. OAO Novatek, one of the leading natural gas producers in Russia, announced today that it has increased its equity stakes in ОАО NK Tarkosaleneftegas and ООО Khancheyneftegas to 100 percent. The acquisition is part of an ongoing process of restructuring and consolidating the Company’s core assets which was initially approved by the Shareholders and the Board of Directors in the spring of 2004.
The Chief Executive Officer of OAO Novatek, Leonid
In August 2004, the General Shareholder Meeting of OAO Novatek approved the decision to increase the Company’s share capital through a closed share emission. TNG Energy AG and ZAO Levit paid for the additional share subscription by contributing their shares of OAO NK Tarkosaleneftegas and OOO Khancheyneftegas into the charter capital of Novatek.
«We have significantly enhanced the Company’s overall attractiveness to financial institutions and investors alike by simplifying our ownership structure and increasing our corporate transparency, which are key prerequisites for any company wishing to access the capital markets» according to Mark Gyetvay, Novatek’s CFO.
Post consolidation, Novatek’s proved reserves are more than 580 billion cubic meters of natural gas and 50 million tons of liquid hydrocarbon (under SPE reserve classification) or 1.68 trillion cubic meters of natural gas and 252 million tons of liquid hydrocarbons (under ABC1+C2 reserve classification).
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.