NOVATEK's Board of Directors Approves New Share Buyback Program
Moscow, 17 December 2021. The Board of Directors of PAO NOVATEK ("NOVATEK" and/or the "Company") has unanimously approved a new Buyback Program in respect of NOVATEK's ordinary shares and/or Global Depositary Receipts representing shares (the "Program") in the aggregate amount of up to one billion US dollars. The Program is valid for five years from the date of approval. The Board of Directors terminated the previous Buyback Program announced on 7 June 2012.
"Approval of the new Buyback Program demonstrates the confidence of the Board of Directors in the Company's business fundamentals and development prospects," noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. "Successful implementation of our strategic plans has driven a significant increase in NOVATEK's market capitalization since approval of the previous buyback program back in 2012. We are confident of implementing our long-term strategy, which sees us executing new large-scale projects to ensure further growth of our financial and operating results as well as the Company's shareholder value."
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.