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NOVATEK Board of Directors increases number of Management Committee members

Moscow, 10 March 2016. The Board of Directors (the “Board”) of OAO NOVATEK (“NOVATEK” and/or the “Company”) has approved today the decision to increase the number of the Company’s Management Committee from nine (9) to 12 members. The Company’s Board has elected the following individuals to NOVATEK’s Management Committee:

  • Viktor N. Belyakov, Deputy Chairman of the Management Board for Economics and Finance;

  • Oleg V. Karpushin, Deputy Chairman of the Management Board – Operations Director;

  • Igor A. Plesovskikh, Deputy Chairman of the Management Board – Director for Geology;

  • Ilya V. Tafintsev, Director for Strategic Projects;

  • Denis G. Khramov, Deputy Chairman of the Management Board.

The Board resolved to terminate the membership of Iosif L. Levinzon and Sergey V. Protosenya in the Company’s Management Committee. The Board also approved amendments to the Company’s Regulations on Risk Management and Internal Control Systems.

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.