NOVATEK restructures shareholding in subsidiary
Moscow, 21 April 2009. OAO NOVATEK (the “Company”) announced today a restructuring of its participation interest in OOO PurNovaGaz (“PurNovaGaz”). Prior to the restructuring, the Company owned 100% participation interest in the charter capital of PurNovaGaz, whereby after the change, the Company’s wholly-owned subsidiary OOO NOVATEK-TARKOSALENEFTEGAS became the owner of this participation interest in PurNovaGaz. The restructuring is aimed at optimizing management efficiencies and reducing administrative expenses at the Company’s wholly-owned subsidiaries.
PurNovaGaz is the holder of the license to the Olimpiyskiy license area, which serves as an important asset to NOVATEK’s mid-term growth strategy.
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.