Press Releases and Events
NOVATEK disposes of equity interest in NOVATEK-Polymer
Moscow, 3 September 2010. OAO NOVATEK (“NOVATEK” and/or the “Company”) today announced that the Company has signed the necessary documents for the disposal of its 100% equity interest in OOO NOVATEK-Polymer (NOVATEK-Polymer) to JSC SIBUR Holding (SIBUR). According to the Sales and Purchase Agreement, NOVATEK will initially transfer a 32% equity interest in NOVATEK-Polymer to SIBUR and will transfer the remaining 68% upon approval from the Federal Anti-Monopoly Service.
The disposal of its industrial manufacturing subsidiary is consistent with the Company’s strategy to focus on its core natural gas and gas condensate production and processing activities. NOVATEK-Polymer’s sales account for less than 3% of NOVATEK’s total revenues.
NOVATEK-Polymer is one of the largest Russian and CIS producers of anti-corrosive insulating materials used on underground pipelines and produces more than ten types of polypropylene film and wrap.
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.