NOVATEK has started the GDR buyback program
Moscow, 20 August 2008. OAO NOVATEK (also referred to as the «Company») today announced that it has started the GDR buyback program, which was approved by the Company’s Board of Directors on 11 February 2008.
The buyback program shall be executed in accordance with best practices of transparency and corporate governance as well as compliance with FSA rules and regulations. In order to ensure the transparency of the process the Company has selected an independent brokerage house to execute the share repurchase program. The brokerage house, acting on the basis of the mandate stipulating the repurchase criteria, shall purchase the Company’s GDR’s exclusively through the London Stock Exchange.
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.