Results of NOVATEK’S Annual General Meeting of Shareholders
Moscow, 25 May 2007. OAO NOVATEK (the Company) yesterday held its Annual General Meeting of Shareholders (AGM) which resolved the following agenda items:
- Approved the Company’s 2006 Annual Report and Financial Results according to Russian Standards of Accounting (RSA).
- Approved the distribution of profit under RSA, including the full year dividend payment for 2006.
- Approved the election of a new Board of Directors.
- Approved the election of members of the Company’s Revision Committee including compensation to each member for year.
- Approved the election of Mr. Leonid
v. Mikhelsonas Chairman of the Management Committee.
- Approved the election of ZAO PricewaterhouseCoopers Audit as the Company’s independent auditors for 2007.
Speaking at the AGM NOVATEK’s Chairman of the Management Committee, Leonid Mikhelson, stated «We have consistently delivered positive operational and financial results according to our business strategy and continue to focus on increasing shareholder value». In 2006, NOVATEK increased natural gas production by 14% to 28.7 billion cubic meters (bcm) due primarily to continued development at the Company’s core fields, including the completion of the second phase of development at the Khancheyskoye field.
NOVATEK remains focused on growing its resource base and, in 2006, replaced 144% of its hydrocarbon production and increased proved developed natural gas reserves by 34% through successful geological and development activities.
In 2006, NOVATEK increased its natural gas sales volumes by 11% to 30.3 bcm and expanded its deliveries of natural gas to more than 36 regions of the Russian Federation. The Company’s 2006 natural gas sales volumes accounted for 8% of total natural gas deliveries to consumers in Russia.
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.