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NOVATEK takes 60% stake in joint venture

Moscow, 25 September 2006. OAO NOVATEK today announced that it has acquired 60% of the share capital of Northern Energy Company. Northern Energy Company is a joint venture established by Novatek and Wholesale Generating Company #5 for the purpose of evaluating potential investment opportunities in the power generation sector.


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.