Press Releases and Events
NOVATEK Board of Directors announces Extraordinary General Meeting of Shareholders
Moscow, 14 October 2009. The Board of Directors (the “Board”) of OAO NOVATEK (“NOVATEK” and or the “Company”) has approved the decision to convene an Extraordinary General Meeting of Shareholders (EGM).
The Board has approved the following agenda for the EGM:
1. Approval of a related party transaction (gas supply contracts) between OAO NOVATEK and OAO INTER RAO UES
2. Approval of several interrelated transactions (amendments to the Natural Gas Supply Contract of 13 November 2006 between OAO NOVATEK and OOO Mezhregiongas) that are considered to be related party transactions.
The gas supply contracts between the Company and OOO INTER RAO UES and OOO Mezhregiongas are considered related party transactions due to the fact that NOVATEK’s Board member, Kirill Seleznev, is also a member of the Board of Directors of INTER RAO UES and the General Director of OOO Mezhregiongas.
The value of each of the contemplated gas supply contracts is in excess of two percent (2.0%) of the book value of NOVATEK’s assets, under Russian Accounting Standards, as of the last reporting date and therefore requires shareholder approval.
The date of compiling the list of shareholders entitled to participate in the EGM is 19 October 2009. Participation in the EGM will be carried out through absentee voting and all ballots must be received by 24 November 2009.
PAO NOVATEK is one of the largest independent natural gas producers 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 Area, 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.