NOVATEK Joins the Arctic Economic Council
Moscow, 3 February 2021. PAO NOVATEK (“NOVATEK” and/or the “Company”) announced today that it has formally joined the Arctic Economic Council.
The Arctic Economic Council (AEC) is an international business forum established in 2014 at the initiative of the Arctic Council in order to facilitate business-to-business activities and promote responsible economic development of the Arctic region. The AEC’s active organizations include a diverse range of companies, from start-ups, small- and medium-sized enterprises to regional and international corporations operating in the Arctic zone.
“The responsible development of the Arctic region is core to the sustainable development principles at NOVATEK. We operate many of our present facilities in the Arctic region of Russia as well as ambitions plans for the future development of our LNG platform,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Responsible business conduct in compliance with international standards and best practices in environmental protection and climate change mitigation is one of the priorities for the Company. NOVATEK's participation in the Arctic Economic Council signifies our commitment to this initiative and our contribution to the region's sustainable economic development”.
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.