BOARD OF DIRECTORS OF OAO NOVATEK APPROVES REORGANIZATION OF SUBSIDIARIES
Moscow, 25 March 2005. The Board of Directors of OAO NOVATEK, one of the leading natural gas producers in Russia, approved the contribution of NOVATEK’s stake in OOO Khancheyneftegas into the charter capital of OOO Tarkosaleneftegas.
The reorganization is aimed at increasing transparency, optimizing management efficiencies and reducing administrative expenses at the
Cautionary statement relevant to
Some of the information in this press release may contain projections or other
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.